Sales of new houses exceeded €2 billion in 2024, Landbank Analytics reports

Α new analysis by Landbank Analytics clearly illustrates the dynamic of the apartment market during 2024. The analysis focuses on contracts of sale submitted to the Department of Lands and Surveys during the period January–December 2024. The report covers nationwide sales of new or off-plan apartments and houses.

According to the data, a total of 6,462 contracts of sale for new residential properties (apartments and houses) were recorded—an increase of 16.7% compared to 2023. The total value of new residential properties sold also rose by 4.9%, surpassing €2 billion.

Apartment sales boom

New apartment sales reached 5,354 units with a total value of €1.5 billion. Compared to 2023, this represents an increase of 22.7% in volume and 9% in value. In contrast, sales of new houses declined by 5.6% in volume and 5.7% in value, with 1,108 units sold at a total value of €510.6 million.

Nicosia

The Nicosia district recorded significant increases in 2024 compared to 2023, both in the volume of new home sales (25.2%) and in value (20.6%). This growth is largely attributed to apartment sales, which reached 1,587 units—up 23.6% year-on-year. The total value of apartment sales rose by 18.8% to over €301 million. On the other hand, new house sales fell to 202 units (-6.9%), with their value also dropping significantly by 12.7% to €63.5 million.

Limassol

Apartment sales in Limassol increased by 4.2% in volume, reaching 1,781 units, but dropped by 5.6% in value, which came to over €759 million. A significant annual decrease of 33.2% was recorded in the sales of new houses, which fell to 241 units in 2024. This decline also impacted total sales value, which dropped by 30.3% to €134.2 million.

Larnaca

Larnaca’s residential market performed strongly in 2024, with 1,394 apartments sold for a total of €273 million and 204 houses sold for €69.3 million. Apartment sales recorded a notable 40% increase in volume, while house sales rose modestly by 2.5%. In terms of value, new apartments increased by 39.6%, while houses saw a decrease of 6.5%.

Paphos

Paphos also posted positive results in 2024. Apartment sales surged by 67.7% compared to 2023, reaching 446 units. House sales rose by 9%, totaling 333 units. In terms of value, apartment sales reached €139.2 million—an increase of 33.6%—while house sales rose to €195.5 million, up 13.9%.

Famagusta

Although small in size, the housing market in the Famagusta district performed well in 2024, surpassing its 2023 results in both volume and value. Apartment sales rose by 36.4% to 146 units, while house sales increased by 36.2% to 128 units. The total value of apartment sales in the non-occupied Famagusta area increased by 43.8%, and house sales saw an even more impressive rise of 56.7% compared to the previous year.

Andreas Christophorides, CEO of Landbank Group, noted:

The year 2024 was clearly dominated by the apartment market. "Local buyers’ preference for apartments highlights the realities of their purchasing power when it comes to homeownership. Put simply, apartments are more affordable—and often more attainable—than houses."

"At the same time, we’re seeing a gradual shift in foreign buyer interest away from the high-priced Limassol market toward more affordable alternatives like Larnaca and Paphos. This migration of demand may help explain why Limassol’s residential market showed signs of slowing down in 2024 compared to the previous year."

About Landbank Analytics

Landbank Analytics has developed a constantly updated Real Estate Market Analysis tool, offering current and historical market insights and trends. The robust platform is powered by thousands of real-time and historical data points, processing a large volume of transactions across Cyprus. This allows for a comprehensive overview of the market and its long-term trends.

Website: https://landbankanalytics.com.cy/