The real estate market in Cyprus continues to show mixed trends, according to new data from the Ask Wire Index for the fourth quarter of 2024. Apartment prices recorded an annual increase of 1.5%, both in sales and rentals, confirming the stable demand in this market segment. In contrast, house prices decreased slightly by 0.3%, while their rents decreased by 0.8%.

Warehouse and Commercial Property Prices Fall

Significant decreases were recorded in the prices of other property categories. Warehouses recorded a 2.3% drop in sales prices and 2% in rentals, while commercial properties decreased by 1.7%. Offices followed a similar course, with prices falling by 0.2%.

Local Trends and Outlook

At the provincial level, prices decreased in most areas of independent Cyprus, with the exception of Larnaca, where they remained almost stable. In terms of rents, the largest increases were recorded in Paphos, where apartment rents increased by almost 5% year-on-year, while decreases were recorded in Nicosia and Limassol.

Ask Wire CEO Pavlos Loizou commented that the market is in a transitional phase, with apartment prices supported by strong tourism activity, while the increase in the supply of new homes is expected to relieve the market from the sharp increases of recent years. Despite challenges, such as high interest rates and construction costs, the market is stabilizing, creating new investment opportunities.