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Real Estate Prices in Cyprus in 2024: Overview and Trends
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Purchasing Real Estate in Cyprus in 2024 presents an excellent opportunity for capital investment, diversifying your investment portfolio, obtaining EU residency, and ensuring a stable source of income, making this investment attractive and promising for various categories of investors.
Market Overview of Real Estate in Cyprus in 2024
Cyprus’s real estate market continues to demonstrate steady growth. The island’s popularity as an investment destination contributes to a sustained demand for real estate. In 2024, there remains active interest in Cypriot real estate both among those looking to buy property in Cyprus for their own residence and among investors seeking high rental returns. Below, we’ll explore the real estate market trends in Cyprus in figures to better understand the dynamics and benefits of investments and to assess the potential for future opportunities in the Cypriot real estate market.
Sales of Real Estate in Cyprus for 2023
In 2023, Cyprus witnessed a high number of real estate transactions, marking a productive year for the sector. According to the annual report of the international audit and consulting corporation Deloitte, 25,400 property transactions were recorded in Cyprus in 2023, totaling 5.6 billion euros. The primary contribution to this significant growth came from residential property transactions, accounting for 13,200 sales amounting to 3.4 billion euros or 61% of the total transaction volume in the sector. The average price of such transactions in 2023 was 259,000 euros, slightly higher than in 2022 (257,000 euros).
Real Estate Transactions in Cyprus as of Early 2024
The purchase of real estate in Cyprus in 2024 continues to demonstrate steady demand. In the first quarter of 2024, a total of 4,543 property transactions were registered, amounting to 955.8 million euros.
High Yield
Real estate in Cyprus is considered one of the most high-yielding in Europe. For example, the annual rental yield for apartments on the island can exceed 10% (reaching 10.1% in the second quarter of 2023, according to data from RICS – the Royal Institution of Chartered Surveyors). Renting out villas and holiday homes can yield investors annual returns of 6-7%. Villas or houses with sea views in the regions of Larnaca, Paphos, and Limassol are particularly in demand for short-term rentals or vacations.
Participation of Foreign Investors
More than a fifth of all real estate transactions in Cyprus are carried out by foreign nationals. In 2023, there was a 16% increase in the volume of real estate transactions involving foreign investors compared to the same period in the previous year. This factor confirms that real estate in Cyprus is of active interest to foreign investors and also demonstrates their confidence in the long-term growth and stability of this market.
Price Growth Trends
Real estate prices in Cyprus currently remain stable, with a slight increase in 2024. In 2023, property prices in Cyprus rose by 7.9% compared to the previous year. Below, we’ll examine the price dynamics of real estate in various cities on the island.
Apartments, villas, and townhouses in Cyprus are in particularly high demand. According to statistical data, the average price of apartments on the island is around 250,000 euros. Meanwhile, the average price of a villa in Cyprus is approximately 450,000 euros, but depending on the location and characteristics of the property, the price can be significantly higher. For instance, purchasing property by the sea or a villa in coastal areas can range from 700,000 to 900,000 euros.
What factors influence property prices in Cyprus?
When considering investment opportunities in the Cyprus real estate market, it’s important to understand the factors that influence housing prices. Property prices in Cyprus depend on various factors, ranging from the location of the property to its condition and the infrastructure of the surrounding area. Let’s examine the key factors that shape real estate prices in Cyprus:
Location in a specific district/city
Type of property
Accessibility of transportation infrastructure and proximity to the sea
Condition of the property: new construction or resale
Availability of amenities in residential complexes (such as a pool, parking, gym, playground)
Quality of construction materials and energy efficiency levels, which can reduce utility costs and enhance living comfort.
The most expensive cities on the island are Limassol and Nicosia, where property prices are significantly higher. In Larnaca and Paphos, housing costs are usually lower, making these cities more affordable and in demand.
Limassol, Larnaca, and Paphos are the most popular areas for purchasing real estate in Cyprus, accounting for three-quarters of all property transactions in Cyprus.
Limassol
Limassol leads in property sales and is one of the most expensive regions in Cyprus. It serves as one of the country’s main economic hubs, with a high concentration of businesses. This leads to increased demand for residential and commercial properties in this area, which in turn reflects on the prices. Limassol also stands out for its sales of premium-class real estate: about three-quarters of apartments and houses priced over 1.5 million euros are purchased here. Prices for apartments and houses in Limassol range from 4000 to 5500 euros per square meter.
Larnaca
Larnaca is considered one of the most promising investment destinations in Cyprus. Real estate experts assert that the property market in Larnaca represents the most promising and lucrative direction. The city is actively developing in terms of construction, with new residential complexes, commercial properties, and modern infrastructure emerging, creating an attractive space for living and business. Given the dynamic development of the construction industry and growing interest in this region, property prices in Larnaca have the potential for growth. In 2024, the average price per square meter in Larnaca ranges from 2400 to 4000 euros, reflecting an increase compared to the previous year, when prices ranged from 2000 to 3500 euros. For example, for 185,000 €, you can purchase an apartment in Larnaca with an area of 79 m², located in close proximity to the Finikoudes promenade.
Paphos
The Paphos area also experiences significant growth in demand for apartments and villas for both living and leisure. It’s worth noting that Paphos accounts for approximately 20%-25% of the Cyprus real estate market, indicating its attractiveness to investors and buyers. In 2024, prices for apartments and houses in Paphos will range from 2200 to 3500 euros per square meter, also representing an increase compared to 2023 when prices ranged from 2000 to 3000 euros per square meter. For example, apartments in Paphos, located within a 10-minute walk from the beach and with an area of 83 square meters, are available for prices starting from 186,000 €.
How much does real estate cost in Cyprus in 2024?
For example, the table below presents the minimum price per square meter when purchasing apartments from developers:
The projected trends in the Cyprus real estate market herald its further strengthening. Real estate experts express the view that Cyprus ranks among the leading positions among European markets and holds the most favorable prospects for the coming years.
Its unique combination of high investment returns, steady growth, rapid infrastructure development, and economic stability complement Cyprus’s image as a reliable and promising place to invest in the real estate sector.
Therefore, if you are considering the possibility of buying property in Cyprus, now is the best time to do so!
✔ Prices continue to rise
✔ Demand remains consistently high
✔ Opportunity to obtain permanent residency and create a “Plan B” for European Union residency by purchasing property in Cyprus
✔ Opportunity to generate stable passive income from rental properties
Feod Group recommends seeking assistance from lawyers when starting the process of choosing and purchasing real estate in Cyprus! Our lawyers will provide you with comprehensive legal support and consultations from the very beginning, even before you make a deposit or reservation payment, and will continue to assist you until you obtain ownership rights to your property.
As a result, you will gain additional confidence that the transaction will be conducted in accordance with the law and safely for you.
Feod Group Legal Services in Real Estate Transactions
Engaging a lawyer when purchasing property in Cyprus is an important step that provides clients with legal protection and confidence in the transaction. Our legal firm in Cyprus has extensive experience and handles all aspects of commercial and residential real estate, including facilitating property acquisitions.
Advantages of working with us:
✔On-site Presence
We have a permanent office in Larnaca and extensive experience in the Cyprus real estate market.
✔Meticulous Selection
Our team selects properties that perfectly match the client’s budget and objectives, whether for investment or personal use.
✔Comprehensive Analysis
We not only assess the property itself but also consider factors such as the area’s infrastructure, resale or rental potential, enabling clients to make informed decisions.
✔Legal Support
During negotiations with developers, a Cypriot real estate lawyer is always present to secure the best terms for our clients.
✔Legal Analysis and Document Verification
Before paying a deposit, we conduct inquiries and analyze sellers’ property documents, ensuring the transaction’s safety and transparency.
✔Tax Consultation
Our team of experts provides tax advice for residents and non-residents, as well as tax-related matters associated with property purchases.
✔Immigration Support
We offer legal assistance in obtaining residency permits in Cyprus under various categories.
In 2013, she graduated in law from the National University «Odessa Law Academy» with honors and received a Master of Law degree. Anastasia Taran has experience in international and contract law, as well as corporate and tax law in Europe. Within the framework of Feod Group, she specializes i...
In 2013, she graduated in law from the National University «Odessa Law Academy» with honors and received a Master of Law degree. Anastasia Taran has experience in international and contract law, as well as corporate and tax law in Europe. Within the framework of Feod Group, she specializes in immigration and corporate law of European countries, particularly:
Purchasing Real Estate in Cyprus in 2024 presents an excellent opportunity for capital investment, diversifying your investment portfolio, obtaining EU residency, and ensuring a stable source of income, making this investment attractive and promising for various categories of investors.
