Paphos recorded the highest number of luxury home sales exceeding €500,000 in the first quarter of 2025.
Data compiled by Sotheby’s International Realty, a major real estate network with operations in Cyprus, highlights significant shifts within the island’s property sector.
Anastasia Gianni, CEO of Cyprus Sotheby’s International Realty, noted that the first quarter of 2025 signifies a new chapter for the Cypriot real estate market, marking its transition to a more mature, less reactive, and more targeted phase. “The acceleration that followed the pandemic has now moderated. What we are seeing now is not a slowdown, but a strategic recalibration,” she explained.
Nearly €1 billion in sales recorded
According to Cyprus Sotheby’s International Realty figures, 3,558 property sales were completed in the first quarter of 2025, representing a 5% increase compared to the corresponding quarter of 2024. The total value of these transactions reached approximately €976 million, with a substantial portion – around 60% (€584 million) – attributed to mid- and high-value residences.
While Limassol accounted for nearly half of all mid- and high-value home sales in Cyprus (593 sales), Paphos led the market for luxury homes valued over €500,000, with 99 villas sold. This figure represents 57% of all properties in this specific category.
Larnaca’s growing momentum and Nicosia’s steady demand
Meanwhile, Larnaca continues to gain momentum, recording 823 property sales in Q1 2025, with 192 of these falling into the mid- and high-value category. Interest in Larnaca is largely concentrated on modern apartments.
Nicosia shows stable demand from both Cypriot and foreign buyers seeking stability, a favourable business environment, and investment prospects. The capital saw 759 transactions, with 185 involving mid- and high-value properties, primarily apartments. Nicosia remains an attractive option for investors looking for stable rental income and investment security.
The Famagusta District remains a popular destination for buyers seeking a more relaxed lifestyle and proximity to the sea. In the first quarter of 2025, 168 sales were recorded, including 19 mid- and high-value properties. The district attracts buyers looking for ready-to-move-in homes in picturesque, beachfront locations.
“Incognito” sales of high-value properties
Anastasia Gianni also highlighted that the true transaction values in prime areas often go unrecorded in official data. This is because some high-value property sales occur “off-market,” meaning they are not publicly listed but are transacted privately.
Cyprus Sotheby’s International Realty estimates that the new trend indicates a preference for areas and properties with distinct characteristics. Buyers are becoming increasingly selective, prioritising architectural quality, privacy, and long-term value over sheer square footage. Giannni concluded that this evolving buyer preference is transforming the market, rather than price fluctuations.
