New home sales in Cyprus reached €1.9 billion during the first nine months of 2024, according to a report from Nicosia-based firm Landbank Analytics.
According to the report, this figure represents a 25 per cent increase compared to the same period in 2023.
The report, based on sales contracts submitted to the Department of Lands and Surveys from January to September 2024, revealed that 5,253 new homes—both apartments and houses—were sold nationwide, marking a 19.2 per cent increase compared to the same period last year.
In more detail, apartment sales saw particularly robust growth, with 4,335 new apartments sold, representing a 27.7 per cent increase in volume and a 38.1 per cent rise in value, totalling €1.45 billion.
In contrast, new house sales declined by 9.2 per cent in volume and 2.8 per cent in value, with 918 homes sold for a combined €457.2 million.
Regional breakdown of property sales
Nicosia experienced significant growth in new home sales, with a 25.2 per cent increase in volume and a 20.6 per cent rise in value.
In addition, a total of 1,194 new apartments were sold, a 29 per cent increase, with a total value of €236.9 million.
House sales also saw modest growth, with a 3.2 per cent increase in volume and a 2.6 per cent rise in value, reaching €49.8 million from 161 sales.
Limassol saw strong growth in apartment sales, with a 17 per cent rise in volume and a 41 per cent increase in value, totalling €820 million from 1,469 apartments sold.
However, house sales declined sharply by 18.5 per cent, with just 237 new homes sold.
Despite this, the value of house sales in the region rose by 6 per cent, reaching €165 million.
The Larnaca market for new homes was also positive, with 1,113 apartments sold for €218.8 million and 191 houses sold for €64.3 million.
The largest increase was seen in apartment sales, up 35.4 per cent in volume and 39.5 per cent in value, while house sales grew by 14.4 per cent in volume and 6.2 per cent in value.
Paphos presented a mixed picture, with a 42 per cent surge in apartment sales, reaching 416 units sold for a total of €138.4 million.
However, house sales dropped by 23.1 per cent to 243 units, with the total value of sales also declining by 16.8 per cent to €149.6 million.
Finally, the RoC-controlled area of Famagusta, saw apartment sales surge by 46 per cent, reaching 143 units.
Additionally, house sales grew by 6.2 per cent, with 86 homes sold.
Moreover, the value of apartment sales in the Famagusta district rose by 62.1 per cent, while the value of house sales also saw a healthy 10.3 per cent increase.
Economic factors behind the trend
Landbank group CEO Andreas Christophorides attributed the rise in new apartment sales to broader economic conditions.
“The upward trend in the new apartment market is closely linked to the conditions prevailing in the real economy, particularly in terms of housing costs, as well as the ability to secure financing,” he stated.
“Therefore, young couples, both due to cost and sustainability, are opting to purchase a new apartment rather than a house,” he added.
“Moreover, we can see that the decline in both the volume and value of new house sales nationwide is primarily due to the Paphos district and is mainly associated with foreign buyers of luxury homes,” Christophorides concluded.
