Cyprus Real Estate Market Growth Continues at a Steady Pace
June 26, 2024 · Cyprus · 8 min read
The Cyprus real estate market has proved resilient and adaptable in the face of global economic headwinds, with total transaction value in 2023 holding at €5.5 billion, the same level as in 2022.
The Cyprus real estate market has proved resilient and adaptable in the face of global economic headwinds, with total transaction value in 2023 holding at €5.5 billion, the same level as in 2022.
In its annual Cyprus Real Estate Review, Deloitte recorded a total of 13,200 transactions in the Cyprus residential market in 2023, worth €3.4 billion and accounting for 61% of total transaction value. The average transaction value was €259,000, compared with €257,000 in 2022. Deloitte noted that the increase was driven mainly by new-build properties, which accounted for 69% of total residential sales.
Geographically, Limassol continued to dominate the market, accounting for 41% of total sales value. Deloitte also noted that interest was concentrated in the residential market and in the coastal city of Limassol, and that apartments are expected to remain the property type attracting the most investor interest in the period ahead.
Cyprus real estate trends: 2024 brings positive signals
With its strategic location at the crossroads of Europe, Asia, and Africa, Cyprus has long been a sought-after destination for property investors, retirees, and tourists alike.
In 2024, the Cyprus real estate market is regarded as continuing its steady growth. Cyprus property prices are rising consistently, but at a more sustainable pace than during the boom that preceded the 2013 financial crisis. Government measures to stabilize the market and temper price growth are seen as a positive development, as they reduce the risk of a property bubble.
Foreign investment is one of the main drivers of the Cyprus real estate market. International buyers, particularly from Russia, China, and the Middle East, show strong interest in Cypriot property. The island’s appeal lies not only in its strategic location but also in its favorable tax regime, ease of doing business, and quality of life. Foreign investment is expected to keep flowing into the market in 2024, supporting demand for both residential and commercial property.
The residential sector in Cyprus remains buoyant. Coastal properties, particularly in popular tourist destinations such as Limassol, Paphos, and Ayia Napa, continue to attract buyers. These areas offer a mix of luxury apartments, villas, and townhouses with beautiful sea views.
Heading into 2024, prudent policies and economic stability, together with a host of attractive properties being launched on the market, continue to help Cyprus maintain its position as a thriving real estate market in the Mediterranean and beyond.
Limassol and Paphos lead property purchases by foreign investors
Breakdown by district of Cyprus properties purchased by foreign investors in 2023. Source: PwC
Foreign investors continue to drive the real estate market in the Republic of Cyprus. In 2023, foreign buyers purchased a total of 6,900 properties, up 16% year on year. Around 72% of these investors came from outside the EU. This growth is in line with the continued flow of foreign businesses choosing to relocate their headquarters and staff to Cyprus.
On average, out of every 100 foreign investors buying property in the Republic of Cyprus, around 34 chose Limassol and 34 chose Paphos. Together, these two coastal cities accounted for more than two-thirds of all property transactions by foreign buyers nationwide.
With their prime locations, well-developed infrastructure, and strong growth potential, Limassol and Paphos are becoming attractive destinations for property investors, particularly those from abroad. Investing in these two cities offers the opportunity to own promising property in one of the most beautiful parts of the Mediterranean. In addition, with a property investment of at least €300,000 (approximately US$336,000), investors from non-EU countries may also qualify for permanent residence in Cyprus and the range of benefits it offers.
Selected projects in Limassol and Paphos that IMM Group is presenting to investors include:
- A luxury villa development at Limassol Marina
- Blu Marine luxury apartments
- Pafilia Plaza 5-star mixed-use residences
| Investors can view detailed information on selected Cyprus real estate projects here.
If you are interested in the Cyprus permanent residence program, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess the prospects of your case. We keep your personal data confidential and use the information you provide only to advise on your family’s case.
IMM Group
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