Real Estate Market Overview in Cyprus: Buying and Renting

The President of the Cyprus Real Estate Registration Council, Marinos Kinaigiru, gave a telling example: a two-bedroom apartment that cost €120,000 five years ago in Cyprus is now worth around €200,000.

Rental Prices by District in Cyprus

Table 1 below shows the average rental rates in Nicosia, Limassol, Larnaca, and Paphos, according to data from the Cyprus Real Estate Registration Council.

A clear disparity in rental prices between cities in Cyprus is evident, with Limassol recording the highest rents. For €1,000 in Limassol, you can rent a one-bedroom apartment, while for the same amount in Larnaca or Free Famagusta, you could rent a three-bedroom apartment. Additionally, in Limassol, the price of a three-bedroom apartment (€1,900-€2,000) is nearly double that of other provinces in Cyprus.

Sale Prices in Cyprus

Table 2 outlines the average apartment sale prices in Cyprus, which also vary significantly between districts. Limassol remains the most expensive city, followed by Nicosia. In Limassol, the average price of a one-bedroom apartment is €180,000, while a three-bedroom apartment costs €380,000.

Demand and Rent Prices in Cyprus Outpace Wages

Interest in rentals remains high across all cities in Cyprus; however, rent prices did not increase in 2024.

Commenting on the high rents, Kinaigiru explained that this is due to the stable supply compared to the previous year. He regretfully noted that in many cases, rental costs in Cyprus exceed wages.

"We are seeing prices that exceed monthly salaries, creating a huge problem for Cypriots. Of course, there are no issues for foreigners coming to Cyprus to invest or for employees of large companies, who are paid much more compared to locals," he said.

Limassol’s Homes Are Highly Valued in Cyprus

Although Limassol is Cyprus’ most expensive city, according to the Cyprus Land and Survey Department, it remains the top choice for home sales in 2024.

In September alone, 392 residences were sold in Limassol. Meanwhile, 298 sales were made in Nicosia, 266 in Paphos, 259 in Larnaca, and 74 in Free Famagusta.

Across all provinces of Cyprus, the total number of property sales from January to September 2024 reached 11,634 units. During the same period in 2023, the figure was 11,519.