FORECAST FOR SALE AND RENTAL PRICES OF HOUSES AND APARTMENTS IN CYPRUS IN 2024

In 2024, real estate sales prices in three regions of the Republic of Cyprus will remain at 2023 levels, while in two regions, they will increase. Regarding rentals, prices in Limassol will continue to rise, being twice as high as in Nicosia, Larnaca, and Paphos, and three to four times higher than in the free areas of Famagusta. This is the forecast by Danos & Associates, according to Phileleftheros.

SALES

Prices per Square Meter in 2024

• Unchanged Compared to 2023

Limassol — from 4000 to 5500 euros

Nicosia — from 3000 to 4500 euros

Free Areas of Famagusta — from 3000 to 4000 euros

• Will Increase

**Regions with increasing prices not specified**

RENTALS

Prices per Square Meter in 2024

• Unchanged

Nicosia — 10-12 euros

Free Areas of Famagusta — 5-8 euros

• Will Increase

Limassol — 15-25 euros (in 2020 and 2021 — 6-12 euros, in 2022 — 7-14 euros, in 2023 — 10-15 euros)

Larnaca — 8-12 euros (in 2020 and 2021 — 4-4.5 euros, in 2022 — 4.5-5 euros, in 2023 — 6-10 euros)

Paphos — 7-12 euros (in 2020 and 2021 — 6-12 euros, in 2022 — 7-14 euros, in 2023 — 5-10 euros)

MARKET STABILIZATION IN THE MEDIUM TERM

According to Panos Danos, Managing Director of Danos & Associates, demand, especially for apartments, will remain high in all regions of the Republic of Cyprus. He noted that both Cypriots and expatriates living on the island prefer to own their homes and consider real estate a good investment.

In the commercial and residential real estate market, which is purchased for investment purposes or rental, the yield will remain at the same level as in 2023 — from 3 to 7% (depending on the property, cost, etc.). In the medium term, the head of Danos & Associates believes that demand and supply will balance out, and consequently, prices will too.