Property prices in Cyprus have rebounded to 2012 levels, just before the banking crisis hit, according to the latest data from the Central Bank of Cyprus.
The apartment price index has reached its highest point in the historical dataset, with regional variations showing particularly strong growth in Limassol.
The national apartment price index rose to 113 points in the third quarter of 2024, up from 112.3 points in the second quarter, surpassing the previous peak of 105.8 points recorded in the fourth quarter of 2008.
The data reveals a recovery from the market’s lowest point in the first quarter of 2016, when the index fell to 70.7 points. By late 2021, it had climbed to 85.9 points, accelerating to 97.3 points by the end of 2022 and reaching 103.9 points by the third quarter of 2023.
However, the Central Bank noted a slowdown in the rate of price increases in its latest analysis, with the apartment price index showing a more pronounced deceleration in annual growth compared to the house price index.
Regional analysis shows significant disparities, with Limassol recording the highest apartment price index at 138.2 points in Q3 2024, up from 136.4 points in Q2. This marks the highest level in the available historical data, following a steady upward trajectory since 2019.
Nicosia’s apartment price index stood at 95.5 points in Q3, marginally up from 95 points in Q2, but still below its 2010 level of 100 points. Larnaca reached 106.5 points, while Paphos increased to 108.6 points from 106.4 in the previous quarter. The Famagusta district recorded the lowest index at 85.5 points.
House prices across Cyprus reached 90.8 points in Q3 2024, approaching 2012 levels of 91.8 points, but remain below the peak of 108.9 points recorded in Q3 2008. Limassol again leads with a house price index of 112.7 points, the highest among all districts.
Read more:
