Cyprus Property: Demand Rising, Prices Soaring

The Cyprus property market is experiencing rapid growth and all indications are that this trend will continue into 2025.

High demand, limited supply and delays in new projects create ideal conditions for price increases.

What's happening in the market?

Record sales: Property sales rose an impressive 19.2% in the first nine months of 2024 compared to the same period last year, according to the Department of Lands and Surveys. Apartment sales were particularly strong, up nearly 30%.
Supply shortage: New projects are slow to hit the market due to bureaucratic red tape. This has led to a housing shortage, especially in popular areas.

Price increase: With high demand and limited supply, property prices are steadily rising. Experts predict further price increases in 2025.
Buyer demand: Buyers of property in Cyprus are both locals and foreigners. Cypriots mainly buy housing in Nicosia, while foreigners prefer Larnaca and Paphos. Investors from Israel are especially active.

Why is demand growing?

Stable economy: Cyprus demonstrates stable economic growth, which attracts investors.
High quality of life: The island offers excellent living conditions: a warm climate, beautiful beaches, developed infrastructure.

Investment attractiveness: Real estate in Cyprus is considered a reliable asset that brings stable income.
Citizenship by investment program: This program allows foreigners to obtain Cypriot citizenship by purchasing real estate for a certain amount.

What do the experts say?

The Chairman of the Association of Real Estate Appraisers, Polis Kourousidis, is confident that high demand for housing will continue next year.

He notes that delays in the implementation of new projects are aggravating the situation and could lead to an even greater increase in prices.

The Cyprus property market is booming. High demand, limited supply and delays in new projects are creating favourable conditions for price growth. If you are looking for a profitable investment or simply dream of your own home on the Mediterranean coast, then Cyprus is a great choice. However, it is worth remembering that property prices continue to rise, so you should not postpone your purchase.