Over half of property sales in H1 were high end, totalling €1b

In the first half of 2024, there were 6,851 residential property sales in Cyprus with a cumulative market value at €1.8b; of those, almost a third were high-end properties – houses above €500,000 and apartments above €200,000 – and with a market value of €1b, they represented over 56% of the residential market’s total value.

According to the latest “INSIGHTS” report from Cyprus Sotheby’s International Realty, which analyses the performance of the Cyprus residential real estate market using official data from the Cyprus Land Registry, high-end property sales remained steady with 2,002 transactions, totalling €1 billion and accounting for almost 29% of total residential sales.

Limassol and Nicosia remained the most popular regions for buying homes in Q2 2024, as sales distributed per region reached 27% and 25%, respectively. Followed by Larnaca (24%) and Paphos (18%).

In Limassol, there were 908 residential property transactions, of which 52% were in the high-end segment. There was significant demand for apartments priced above €200,000, accounting for 54% of the total in Cyprus, and for houses priced above €500,000, representing 37% of the national total during this period.

Nicosia in particular has been gaining ground in 2024, with 849 residential transactions in Q2 2024, 18% in the high-end market segment. This amounts to 16% with a transactional value totalling €120m.

Anastasia Yianni, CEO of Cyprus Sotheby’s International Realty, said: “In the previous two years (2022-2023), we have seen an exceptionally dynamic market, due to geopolitical and economical tensions prompting relocation of businesses and families to safer EU regions like Cyprus.

Currently, the real estate market is stabilising with statistics returning to levels seen in 2021. The figures for Q2 2024 are lower than 2023, which we predicted in our previous report, as the market finds balance after the previous robust growth.”

Residency by investment programme key driver of demand for non-EU citizens

Properties sold to foreign buyers from EU countries amounted to 866 deals, representing 13% of residential sales. There were 2,043 sales made to foreign buyers, resulting in 30% of residential sales, which were mainly attributed to the Larnaca and Limassol regions. According to the realty expert, the Permanent Residency through investment programme is the key driver of demand from non-EU citizens, while EU buyers choose Cyprus for the lifestyle on offer, including the year-round sunny climate and the cost of living.

Anastasia Yianni added: “Cyprus continues to attract international buyers, and we are confident that the current levels of demand will continue into the second half of the year, anticipating stable demand from both local and international buyers. This demand is supported by Cyprus's traditional market drivers, such as an attractive lifestyle, business opportunities, a sunny climate, safety, a reasonable cost of living, a favourable tax system, and the island's potential as an international business hub and top European investment destination.”

Additional report takeaways

According to the Cyprus Land Registry, 3,409 property sales were made in Q2 2024, with a total value of €933m.

For H1 2024, total sales amounted to 6,851, with a cumulative value approaching €1.8b.

In the high-end property market, Q2 2024 saw 919 transactions, representing 27% of all deals for the period. These transactions were valued at €495m, accounting for 53% of the total market value.

For H1 2024, high-end property sales totalled 2,002 transactions, with a cumulative value of €1b.

The high-end apartment segment recorded 773 transactions in Q2 2024, totalling €352m, and 146 transactions for the high-end housing segment, with a total value of approximately €144m.

In Limassol, Q2 2024 registered 908 residential property transactions, 52% (472 properties) of which were in the high-end segment. There was significant demand for apartments priced above €200,000, with 418 transactions accounting for 54% of the total in this price segment in Cyprus, and for houses priced above €500,000, 54 transactions representing 37% of the price bucket from the total during this period.

Since Q2 2023, the transaction value of residential properties totalled €2.1b, of which €1.6b (76%) was for the premium end of the market. It is worth noting that €1.26b is related to apartments, as this is the district's main premium product.

In Paphos, Q2 2024 saw 610 residential property transactions, 23% (138 properties) of which were in the high-end segment. During this period, 50 houses priced above €500,000 were sold, representing 34% of such sales in Cyprus, along with 88 apartments priced above €200,000, accounting for 11% of the total in Cyprus.

Since Q2 2023, the transaction value of residential properties totalled €1.1m, of which €503m (47%) was for the premium end of the market. It's worth noting that €296m is related to houses, as this is the main premium product of the district.

In Nicosia, there were 849 residential transactions in Q2 2024, with 18% (150 properties) in the high-end market segment. The demand for high-end residential properties in Nicosia is moderate, as reflected in the sales of 25 houses (17% of the national total) and 125 apartments (16% of the national total) during this period.

Since Q2 2023, transaction value of residential properties totalled €855m, of which €294m (34%) was for the premium end of the market. It is worth noting that €221m related to apartments, as this is the main premium product of the district.

In Larnaca, residential transactions totalled 834 in Q2 2024, with 17% (139 properties) falling into the premium market segment. High-end residential properties in Larnaca resulted in the sale of 10 houses priced above €500,000 (7% of the national total) and 129 apartments priced above €200,000 (17% of the national total).

Since Q2 2023, transaction value of residential properties totalled €806m, of which €256m (32%) was for the premium segment of the market. It is worth noting that €189m related to apartments, as this is the main premium product of the district.

In Famagusta, in Q2 2024, the market registered 208 residential property transactions, of which 10% (20 properties) were under the high-end segment. The demand for premium residential properties in Famagusta shows growth potential, as evidenced by the sale of 7 houses (5% of the national total) and 13 apartments (2% of the national total) in the premium category during this period.

Since Q2 2023, transaction value of residential properties totalled €236m, of which €64m (27%) was for the premium end of the market. It is worth noting that €35m related to houses, as this is the main premium product of the district.

Find out more and download the free Q1 INSIGHTS 2024 report here