According to data presented by Phileleftheros from Danos and Associates office.
Prices vary based on location, view, age, and other specific characteristics and specifications of the properties, they are relative and not absolute.
In Nicosia, the selling prices of apartments and houses are expected to remain at €3,000 to €4,500 per square meter, as they were in 2023 and the previous two years.
In the Famagusta district, the average selling price of apartments and houses is calculated at the same levels as in 2023, ranging from €3,000 to €4,000 per square meter. It is noted that this price has remained unchanged since 2020.
In Limassol, the estimates from Danos office suggest that in 2024, the selling prices of apartments and houses will be €4,000 to €5,500 per square meter, similar to 2023.
Comparing prices with previous years, significant changes are evident.
For example, in 2020 and 2021, the selling price per square meter was €3,500 to €6,000, while in 2022, it was €3,500 to €5,000. The two cities expected to see an increase in selling prices of apartments and houses are Larnaca and Paphos.
For Larnaca, the estimates indicate that the sale per square meter in 2024 will be €3,500 to €4,000, up from €2,500 to €3,500 in 2023.
In Paphos, it is estimated that the selling prices of apartments and houses in 2024 will be €2,500 to €3,500 per square meter, compared to €2,000 to €3,000 per square meter in 2023. As for rental prices, no major surprises are expected, although there are cities where prices will not remain stable but will increase in 2024, according to data from Danos and Associates office.
Property Market Insights for 2024
The real estate market in Cyprus is poised for stability in 2024, with no anticipated decrease in property prices and rental rates expected to remain steady across most regions. While this is the general trend, certain cities will see exceptions to this forecast.
Based on data shared by Phileleftheros sourced from Danos and Associates, property prices in key cities demonstrate resilience. Here’s a breakdown of the market projections:
Nicosia:
Selling prices for apartments and houses are projected to hold steady at €3,000 to €4,500 per square meter, consistent with levels observed in 2023 and the preceding two years.
Famagusta District:
The average selling price of apartments and houses is anticipated to remain unchanged from 2023, ranging from €3,000 to €4,000 per square meter—a stable rate maintained since 2020.
Limassol:
Danos office estimates indicate that selling prices for apartments and houses will range from €4,000 to €5,500 per square meter in 2024, aligning closely with figures recorded in 2023.
Market Comparison:
Comparing prices over recent years reveals notable shifts:
In 2020 and 2021, the price per square meter ranged from €3,500 to €6,000, which moderated to €3,500 to €5,000 in 2022.
Emerging Trends in Larnaca and Paphos:
Larnaca is expected to witness an increase in selling prices, with estimates ranging from €3,500 to €4,000 per square meter in 2024—up from €2,500 to €3,500 in 2023.
Paphos is also forecasted to experience growth, with selling prices projected at €2,500 to €3,500 per square meter in 2024 compared to €2,000 to €3,000 in 2023.
Rental Market Outlook:
Rental prices are expected to hold steady overall, with certain cities likely to see increases in 2024 according to Danos and Associates.
These insights provide a comprehensive view of the current real estate landscape in Cyprus, highlighting stability in pricing trends across most areas and notable growth potential in select cities. For more detailed analysis or to explore investment opportunities tailored to your preferences, reach out to us today.