Cyprus new-build property market hits €2.5bn as apartment sales surge

Cyprus’ market for newly built residential property exceeded €2.5 billion in 2025, with apartments accounting for more than eight in ten transactions, according to a report from Landbank Analytics.

The firm, which utilised data from the land department, reported that a total of 7,819 contracts were filed for new homes, including off-plan developments, thereby confirming strong activity across all districts.

Apartments dominated the market with 6,382 transactions (81.6 per cent) generating €1.77bn in value, while house sales were far fewer at 1,437 transactions worth €737.9 million.

The most expensive transaction of the year involved a Limassol apartment sold for about €15.2m, with the highest-priced house reaching roughly €6.2m.

Nicosia reflected steady domestic demand, recording 2,171 new residential transactions.

Apartments accounted for 1,836 sales compared with 335 houses, producing €349.6m and €105.5m respectively.

As a result, average apartment prices stood near €190,000 (lowest nationwide), while houses averaged around €315,000, confirming the capital’s relatively stable and locally driven market profile.

Limassol registered the highest overall activity with 2,207 transactions, including 1,936 apartments and 271 houses. Apartment sales generated €824.1m (83.9 per cent of district value), while houses contributed €157.9m.

At the same time, average apartment prices exceeded €425,000, and houses averaged €583,000, reinforcing Limassol’s role as the island’s primary investment centre.

Larnaca recorded 2,020 transactions, meanwhile maintaining strong activity with competitive pricing. Apartments reached 1,770 sales worth €353m, while houses totalled 250 transactions valued at €96.3m.

Overall, average prices stood close to €200,000 for apartments and €385,000 for houses, positioning the district within the mid-market segment.

Paphos displayed a different pattern, completing 1,078 transactions with a more balanced distribution between property types.

The district ranked second nationwide in value at €503.2m, with houses generating €287.8m and apartments €215.4m. Consequently, it recorded the highest average house price in free Cyprus at approximately €710,000, while apartments averaged €320,000, confirming its premium housing profile.

Famagusta showed the lowest transaction volume and was the only district where houses outnumbered apartments.

Of 343 transactions, 176 involved houses and 167 apartments, producing €90.4m and €32.4m respectively.

Notably, average apartment prices were about €194,000, whereas houses exceeded €513,000, reflecting the district’s orientation toward holiday homes and coastal developments.

Commenting on the findings, Landbank Group CEO Andreas Christophorides said the analysis shows “a market where apartments clearly dominate, accounting for 81.6 per cent of all residential sales across Cyprus.”

He added that the apartment sector “is not merely a trend, it is the engine powering the country’s real estate market”.

Christophorides noted that Limassol leads apartment pricing and Paphos ranks highest in-house prices, while Nicosia remains the backbone of domestic demand, Larnaca maintains strong activity with competitive pricing, and Famagusta reflects demand for holiday residences.

According to the analysis, “monitoring these dynamics allows for more targeted and informed investment decisions.”