Fluctuations in the average sale prices of new residential units, showing both increases and decreases

An analysis by the Landbank Analytics platform, based on Contracts of Sales submitted to the Department of Lands and Surveys during the period from January to September 2024, provides important insights into the average sold prices of new houses and apartments across Cyprus.

Nicosia

In the city and district of Nicosia, where new residential units’ sales have risen over the nine months of the year, there is a decrease in average prices compared to the same period in 2023. Specifically, the average apartment price dropped by 2.9% to €198,421, while house prices fell by 0.56% to €309,440.

Limassol

The city and district of Limassol recorded the highest year-on-year increases in average prices for new residential units during January to September 2024. Compared to the same period last year, the average apartment price rose by 20.6% to €558,230, while the average house price recorded an even greater increase of 30.1%, reaching €695,994.

Larnaca

In Larnaca city and district, there was an increase in the average apartment price, although there is a significant decrease in the average house price during the nine months of the year. The average apartment price increased by 3.1% year-on-year, reaching €196,600, while the average house price decreased by 7.2% to €336,928.

Paphos

Prices in the city and district of Paphos moved in two directions, with a notable decrease in the average price of new apartments and a significant increase in the average price of new houses during the nine months of 2024. Apartment prices fell by 7.5% to €332,621, while house prices rose by 8.15%, reaching €615,491.

Famagusta

The average prices in the non-occupied part of the district of Famagusta increased year-on-year in both types f residential property. The average apartment price rose by 11.1% to €229,094, and the average house price increased by 3.9%, reaching €332,414.

Important note: The figures for average prices are not confined to sales within the urban centers of the cities. Instead, they include all sales recorded within the geographical boundaries of each district.

Landbank Group CEO, Andreas Christophorides, stated:
“The district-based view highlights the various trends prevailing in the sale prices of new apartments and houses, with both significant increases and decreases recorded. The Limassol district is seeing exceptionally high prices, closely linked to sales of high-value properties, mainly purchased by foreign buyers. In contrast, the Nicosia market, despite increased demand, seems to adjust to the financial capabilities of local buyers, who are essentially its main source. In Larnaca, the average residential units value declined as new developments move toward the suburbs, primarily in areas further from the coastline, while the rise in the average apartment price reflects increased demand. The data in Paphos, showing a drop in apartment prices and an increase in house prices, is not surprising as this is a market more 'dependent' on house sales.”