Real estate market trends in Cyprus by2024

Prices for apartments and houses are not expected to decrease in 2024, and rental rates will also not drop. However, there are cities that will be exceptions to this overall trend.

According to data presented by the office of Danos and Associates (prices vary depending on location, view characteristics, age, and other specific features and requirements of the property. They are relative, not absolute), in Nicosia, the selling prices of apartments and houses are expected to remain at levels ranging from 3000 to 4500 euros per square meter, as in 2023 and the previous two years. In the Famagusta area, the average selling price of apartments and houses is estimated to be at the same levels as in 2023, ranging from 3000 to 4000 euros per square meter. It is noted that this price has remained unchanged since 2020.

In Limassol, estimates from the Danos office indicate that in 2024, the selling prices of apartments and houses will range from 4000 to 5500 euros per square meter, the same as in 2023.

Two cities that are expecting an increase in apartment and house sale prices are Larnaca and Paphos. In Larnaca, it is forecasted that the sale price per square meter in 2024 will range from 3,500 to 4,000 euros, compared to 2,500 to 3,500 euros in 2023. In Paphos, it is expected that the sale prices for apartments and houses in 2024 will be between 2,500 and 3,500 euros per square meter, compared to 2,000 to 3,000 euros per square meter in 2023.

As for rental prices, no significant surprises are expected, although there are cities where prices will not remain stable and will increase in 2024, according to data from the office of Danos and Associates.