Cyprus housing prices rose 4.8% annually in the first quarter of 2025, accelerating from 4.5% growth in the fourth quarter of 2024, according to Central Bank of Cyprus data released Wednesday.
The General Housing Price Index recorded quarterly growth of 1.9% in the first quarter, compared with 0.4% in the previous quarter, driven by house prices rising 1.8% and apartment prices increasing 1.4% over the three-month period.
House prices showed accelerating annual growth of 5.6%, whilst apartment price growth decelerated to 3.5% in the first quarter. For the first time since 2008, apartment price growth lagged behind house price increases on an annual basis.
Foreign buyer activity contributed to the quarterly acceleration in both housing segments, the Central Bank said. Sales contract data from the Department of Lands and Surveys showed total sales contracts increased annually in the first quarter from both domestic and foreign purchasers across all districts.
“The increase in the number of sales contracts from foreign buyers is consistent with the acceleration in quarterly increases recorded in both the House Price Index and Apartment Price Index during the first quarter of 2025,” the Central Bank stated.
Regional price variations showed divergent trends across Cyprus’s districts. Limassol recorded accelerating annual housing price growth of 5.7%, whilst Larnaca, Paphos and Famagusta experienced decelerating growth of 5.9%, 12.9% and 7.3% respectively. Nicosia’s annual housing price change remained stable at 0.7%.
House prices demonstrated particular acceleration in Limassol, rising 9.1% annually compared with 5.1% previously. Famagusta maintained growth around 8%, whilst Paphos showed deceleration to 12.7% and Larnaca recorded smaller deceleration to 6%. Nicosia registered an annual decline of 1.2%.
Apartment prices showed mixed regional performance, with decelerating annual growth in Limassol, Larnaca and Famagusta of 2.6%, 7.1% and 7.2% respectively. Nicosia and Paphos recorded apartment price increases of 3.1% and 13.8%.
Property supply indicators suggested modest construction activity expansion. Building permit data showed slight increases in 2024 compared with 2023, whilst European Commission Economic Sentiment Surveys indicated construction activity diffusion indices remained positive for six consecutive quarters through March 2025.
The Central Bank compiles housing price indices covering both houses and apartments to track residential property market developments across Cyprus’s five districts.
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