Cyprus’s property market showed diverging trends in the fourth quarter of 2024, with apartment prices rising 1.5% year-on-year while house prices fell 0.3%, according to the latest Ask Wire Index.
Commercial properties saw steeper declines, with warehouse prices dropping 2.3% and retail spaces falling 1.7%. Office prices also decreased by 0.2%.
Regional data showed price decreases across most areas except Larnaca, where prices remained stable. Paphos recorded the highest rental growth, with apartment rents increasing nearly 5% annually, while Nicosia and Limassol experienced declines.
“The market is in transition”, said Pavlos Loizou, CEO of Ask Wire. “Apartment prices are supported by strong tourist activity, while increased housing supply should help moderate the sharp price rises seen in recent years”.
The report indicates that despite challenges including high interest rates and construction costs, the market is stabilising, creating new investment opportunities.
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