Property Prices in Cyprus in 2025
Real estate prices in Cyprus in 2024 have continued to show steady growth, maintaining the upward trend that began in 2021–2022. The primary driver of the market remains the influx of technology companies, with large businesses relocating to the island to benefit from the lowest taxes in the EU.
According to the latest report from the Central Bank of Cyprus, the cost of housing in all popular areas increased by 16–20% over the past year. The positive dynamics in both residential and commercial real estate make the island an attractive investment destination, with Cyprus properties in high demand among foreign buyers.
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
| Region | Median Property Price (€) | Average Price per m² (€) | Price Growth in 2024 |
|---|---|---|---|
| Cyprus | 390,000 | 5,154 | +13.9% |
| Limassol | 380,000 | 6,485 | +16.5% |
| Paphos | 420,000 | 4,733 | +21.4% |
| Larnaca | 275,000 | 3,867 | +18.1% |
| Ayia Napa | 402,000 | 8,476 | +9.2% |
| Famagusta | 400,000 | 5,110 | +16.5% |
| Nicosia | 258,000 | 2,904 | +5.1% |
Source: Tranio data (January—September 2024) and the Central Bank of Cyprus
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.
Paphos and Larnaca, meanwhile, show the highest increase in property prices among all Cyprus’ cities over the past year (+21.4 and +18.1% respectively).
Property Prices in Limassol
Median Property Price (€)
Average Price per m² (€)
Price Growth in 2024
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.
From 233,000 €
Completion in: 2027.II Total of 105 apartments
From 271,000 €
Built in 2025 Total of 43 apartments
From 510,000 €
Completion in: 2026.III Total of 24 apartments
From 500,000 €
Completion in: 2026.IV Total of 44 apartments
From 720,000 €
Built in 2025 Total of 307 apartments
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.
The average budget for Tranio’s investors in Cyprus in Q2 2024 was €322,578. In Limassol, investors tend to set larger budgets, typically between €350,000 and €400,000.
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.
From 233,000 €
Completion in: 2027.II Total of 105 apartments
From 271,000 €
Built in 2025 Total of 43 apartments
From 510,000 €
Completion in: 2026.III Total of 24 apartments
From 500,000 €
Completion in: 2026.IV Total of 44 apartments
From 720,000 €
Built in 2025 Total of 307 apartments
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.
From 290,000 €
10 units in total
1,280,000 €
Total area 247 m² Land area: 782 m²
2,190,000 €
Total area 298 m² Land area: 354 m²
From 730,000 €
Built in 2023 12 units in total
From 2,965,000 €
Completion in: 2026.I 11 units in total
Property Prices in Paphos
Median Property Price (€)
Average Price per m² (€)
Price Growth in 2024
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.
In Q1 2024, 32% of Tranio’s clients in Cyprus opted for properties in Paphos, while 41% of all investors in Cyprus viewed housing as a means to obtain a residence permit.
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.
From 700,000 €
67 units in total
From 1,315,000 €
Built in 2020 300 units in total
From 950,000 €
Total of 57 apartments
From 1,600,000 €
Built in 2024 17 units in total
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.
The proportion of Cypriot citizens to foreign real estate buyers in Paphos is 37% to 63%, with 47% of foreign investors being non-EU residents.
Property Prices in Larnaca
Median Property Price (€)
Average Price per m² (€)
Price Growth in 2024
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.
From 270,000 €
Completion in: 2025.III Total of 8 apartments
From 436,000 €
Built in 2024 Total of 38 apartments
From 540,000 €
Built in 2023 Total of 9 apartments
From 445,000 €
Total of 14 apartments
From 420,000 €
Built in 2024 Total of 15 apartments
From 570,000 €
Completion in: 2025.III Total of 9 apartments
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
Median Property Price (€)
Average Price per m² (€)
Price Growth in 2024
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.
From 4,600,000 €
Built in 2023 Total of 190 apartments
From 3,350,000 €
Total of 3 apartments
From 930,000 €
Built in 2023 Total of 190 apartments
From 535,000 €
Built in 2023 43 units in total
Property Prices in Famagusta
Median Property Price (€)
Average Price per m² (€)
Price Growth in 2024
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.
From 710,000 €
Built in 2025 Total of 15 apartments
From 596,000 €
Built in 2024 17 units in total
From 4,600,000 €
Built in 2023 Total of 190 apartments
From 1,590,000 €
7 units in total
From 3,350,000 €
Total of 3 apartments
From 930,000 €
Built in 2023 Total of 190 apartments
Property Prices in Nicosia
Median Property Price (€)
Average Price per m² (€)
Price Growth in 2024
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.
26% percent of new offices are located in Nicosia, which ranks second in Cyprus in terms of the number of registered startups, with 295 compared to Limassol’s 310.
From 325,000 €
Built in 2024 Total of 22 apartments
From 367,000 €
Completion in: 2024.IV Total of 12 apartments
From 434,000 €
Built in 2023 Total of 7 apartments
From 556,000 €
Total of 46 apartments
From 323,000 €
Total of 9 apartments
From 335,000 €
Total of 5 apartments
From 147,000 €
Built in 2023 Total of 32 apartments
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.
A notable development is the emergence of a startup cluster in Cyprus, with over 846 high-growth companies collectively valued at over €32.5 billion.
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.
1,300,000 €
Total area 200 m²
4,500,000 €
Constructed 2006
2,200,000 €
Constructed 2010
4,500,000 €
Total area 1,200 m² Yield 4.85%
1,648,000 €
Total area 246 m² Completion in: 2023.IV
562,000 €
Total area 104 m² Completion in: 2024.IV
1,410,000 €
Total area 309 m² Completion in: 2024.IV
848,000 €
Total area 217 m² Completion in: 2024.I
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.
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