The Cyprus real estate market in 2024 mirrored the performance of 2023, facing persistent challenges yet continuing to contribute to the country’s economic growth. According to the Council for the Registration of Real Estate Agents, the sector recorded 19,155 property transfers valued at €4.3 billion, alongside 15,797 sales documents. Compared to 2023, this marked a 1.5% increase in sales documents, a 1.8% rise in transfers, but a 2.3% decrease in their total value.

The Council’s press release, titled "Marginal Growth in the Real Estate Market for 2024," highlighted the impact of reduced purchasing power, high loan interest rates, rising construction material costs due to geopolitical instability, and persistently high property prices.

Marinos Kinaigeirou, President of the Council, commented, “2024 was another challenging year for the real estate market. The marginal increases in sales documents and transfers reflect the sector’s resilience in the face of these obstacles.”

He also noted the year's second-half recovery, attributed primarily to strong performance in Nicosia, Paphos, and Larnaca. Kinaigeirou expressed cautious optimism for 2025, contingent on a potential reduction in loan interest rates by banks.

Limassol

Limassol remained a cornerstone of the Cyprus real estate market, maintaining its status as a barometer of the sector's overall health. In 2024, it recorded the highest number of sales documents (5,032). While trailing Nicosia in the number of transfers (5,054), Limassol led in value, totaling €1.5 billion.

However, the district experienced a decline compared to 2023, with a 1.2% drop in sales documents, a 5.8% decrease in the volume of transfers, and a 6.3% reduction in transfer value.

Nicosia

Nicosia demonstrated stability and significant growth in 2024. It recorded the highest number of property transfers (5,395) while ranking third in transfer value (€950 million). The capital also showed a notable 13.6% increase in sales documents (3,527), a 5.8% rise in transfer volume, and a modest 1.4% increase in transfer value compared to 2023.

Paphos

Paphos displayed a mixed performance in 2024. While sales documents decreased by 7.9% compared to 2023, property transfers rose by 12% in volume and 21.7% in value, reaching €983 million.

Larnaca

Larnaca saw a positive trend in sales documents, which increased by 5.4% to 3,356. However, transfers declined by 1.7% in volume and 13% in value, amounting to €637 million.

Famagusta

The Famagusta district experienced contrasting results. Sales documents dropped by 4.5% to 775, and transfer values fell significantly by 19% to €214 million. Nonetheless, transfer volume grew by 3.8%, reaching 1,204 transactions.

Despite the challenges of 2024, the Council for the Registration of Real Estate Agents remains cautiously optimistic about 2025. Kinaigeirou emphasized the importance of reducing loan interest rates to strengthen local purchasing power and stimulate the market further, ultimately benefiting the broader economy.