Property Prices in Cyprus in 2026

Property prices in Cyprus continue to rise. In Q1 2026, the residential property price index increased by 7.5% year on year and the apartment index by 10.8%, according to the Central Bank of Cyprus.

With the growing supply of new developments, updated data on property prices in Cyprus is crucial to understanding market movements and identifying the best investment opportunities.

Property Prices in Cyprus

Prices: Tranio listing data, January–September 2024; growth: Central Bank of Cyprus, Q1 2026. Ayia Napa uses the Famagusta district index.

Data from the Central Bank of Cyprus indicates a slight slowdown in market dynamics, while maintaining a general upward trend. Key factors include stabilisation of demand for real estate, with transaction growth from January to June at just 8% compared to the first half of 2023.

Meanwhile, supply increased significantly, with the number of building permits issued in the first half of 2024 up by 32.5% year-on-year. Mortgage rates remained between 4.59% and 5.15%, and the cost of construction materials saw a slight decrease of 2.1%.

The real estate market situation varies by region. In Limassol, supply growth is matching demand, whereas in Paphos and Larnaca, housing starts remain limited despite consistently high demand for new projects.

Property Prices in Limassol

In 2024, Limassol continues to boast the highest property prices in Cyprus, remaining the most popular coastal city for real estate buyers. Despite the high cost per square metre, 3,315 sales transactions were concluded between January and August, far exceeding the demand seen in Paphos and Larnaca.

According to Tranio, the average cost of an off-plan, one-bedroom apartment in popular areas like Agios Athanasios and Germasogeia is between €370,000 and €400,000, while two-bedroom apartments range from €580,000 to €620,000.

Residential prices in Limassol reflect the advantages of its neighbourhoods for investors.

The inland neighbourhoods of Limassol are particularly attractive for families with children, offering several key benefits:

• The coastal neighbourhoods are nearly fully developed, with limited vacant land available. Older projects in these areas also tend to be of lower quality in terms of amenities.
• These quieter neighbourhoods provide a level of privacy and comfort that is often lacking in the busier areas closer to the sea.
• Kindergartens and international schools are within walking distance. The best schools, such as Foley’s, The Island, and The Heritage, are located closer to the neighbourhoods of Agios Athanasios and Palodia, which are further inland.

First Line: The Gold Standard for Investors:

• Cyprus experiences minimal seasonality, with a steady influx of tourists throughout the year.
• Holiday apartments demonstrate the highest value growth among all real estate segments in Cyprus, recording a +15.77% increase in 2023.
• Cyprus is breaking records for the relocation of skilled professionals, many of whom prefer renting accommodation near their workplaces. Most modern office buildings are situated in coastal areas.

Property Prices in Paphos

In 2024, Paphos was recognized as the most liveable small city in the world by Compare the Market AU, which evaluated factors such as quality of services, unemployment rate, number of rainy days, health index, safety level, and cost of living. Paphos ranked first, followed by Arrecife in Spain and Trapani in Italy.

Paphos distinguishes itself from Limassol with its low-rise development and urban community of affluent middle-class Europeans. In 2024, large Cypriot developers are expanding the supply of coastal villas and apartments, although the number of available land plots is decreasing.

The average price per square metre in the prestigious areas of Paphos remains lower than in Limassol, making it possible to obtain a Cyprus residency by investment for a family apartment.

According to the Land Department of Cyprus, the volume of real estate sold in Paphos in August 2024 was 279 properties, with a total value exceeding €48 million. The Central Bank of Cyprus notes that in Q1 2024, Paphos was the only area where real estate transactions were primarily dominated by foreign investors.

Property Prices in Larnaca

Larnaca remains the most affordable destination among the coastal regions of Cyprus, gathering around 20% of demand in the first half of 2024. The region is popular among young couples with small children, balancing social life, entertainment, and relaxation. However, Larnaca still lags behind Limassol and Paphos as a key migration hub.

Most investors in Larnaca are interested in real estate for seasonal holidays, attracted by moderate property prices, proximity to the international airport, good transportation links, annual summer festivals, and a quieter atmosphere.

In August 2024, Larnaca accounted for approximately 19% of real estate transactions on the island, with a total transaction value of €41.6 million.

Property Prices in Ayia Napa

While Limassol is associated with the IT sector and Paphos and Larnaca with family resorts, Ayia Napa is known for its lively nightlife. In 2024, the city is attempting to broaden its appeal to include families alongside partygoers.

Nevertheless, for investors, Ayia Napa remains primarily attractive for short-term rental properties, with pronounced seasonality contrasting with the rest of Cyprus, which lacks clear high and low tourist seasons.

Property Prices in Famagusta

Famagusta is the cultural centre of Northern Cyprus and an important resort cluster in the Turkish Republic of Northern Cyprus (TRNC). In 2024, Famagusta accounted for around 6% of real estate demand in Cyprus.

In 2022, as real estate prices in Turkey spiked, some foreign investors began considering Northern Cyprus as an alternative. However, due to its unrecognised status, Northern Cyprus lacks international banking, with little interest from global companies, and air and ferry connections limited to Turkey. From the perspective of Southern Cyprus, all real estate transactions in Northern Cyprus are considered illegal.

Property Prices in Nicosia

Nicosia, the capital of the Republic of Cyprus, is primarily a domestic market, with 83% of demand coming from Cypriot citizens. It is characterised by moderate growth in the residential sector and increased activity in office and commercial real estate, competing with Limassol as a financial and business centre and home to many local and international headquarters.

Cyprus Real Estate Market Forecast

In 2024, the Cypriot real estate market is moving towards more balanced performance after the rapid growth of 2022–2023, a natural process of normalisation following the excitement caused by global changes and the record relocation of professionals and businesses to the island. 

The premium real estate segment continues to maintain strong demand, thanks to Cyprus’ traditional advantages: a comfortable climate, high standard of living, and favourable tax system. The island also continues to strengthen its position as an international business and IT hub, attracting both local and foreign investors.

Opportunities are also opening up in the office segment, particularly for investors seeking premium properties that meet ESG standards, amidst a general shortage of such properties.

Unlike the stagnation in European office markets, Cyprus offers prospects for the development of commercial real estate, especially with the growth of the IT sector and the influx of capital from knowledge-intensive industries.