New residential property sales in Cyprus showed strong growth in the first nine months of 2024, with apartments dominating the market, the Ministry of Interior reported.
Data from the Department of Lands and Surveys revealed a 19.2% increase in overall residential sales compared to the same period last year, with 5,253 sale contracts filed between January and September 2024.
Apartment sales surged by 27.7% to 4,335 units, while house sales declined by 9.2% to 918 units. The shift towards apartments is particularly pronounced among young buyers and families, driven by housing costs and financing constraints.
The trend towards apartment purchases, which has reached a 30% increase nationwide, is particularly linked to young people and young families, influenced by housing costs and difficulties in securing loans for the increased capital required for house purchases, the ministry said.
The strongest growth was recorded in regions typically less popular with foreign investors, while the capital Nicosia saw an uptake of government housing assistance schemes for apartments in rural and disadvantaged areas.
The ministry has implemented a housing policy aimed at increasing affordable housing stock, including land allocation schemes for low and middle-income families, financial support for young couples under 41, and enhanced housing schemes for mountain and rural areas.
Future initiatives include the “Renovate-Rent” scheme and “Build to Rent” programme, designed to increase affordable housing stock for both rental and purchase markets.
