Flat prices in Limassol are 54.1 per cent higher than in 2010, having more than doubled from their 2015 low. House prices in Nicosia are still 16.8 per cent below 2010 levels, according to a Phileleftheros analysis of Central Bank data.
The analysis uses the Central Bank’s price index, with 2010 as the base year set at 100. Figures are for the second quarter of 2026 unless otherwise stated, and changes against 2010 are calculated from the index.
The analysis covers a period that includes the 2013 crisis and a long spell of stagnation, and finds that flats across the island have far outpaced houses. Flats came under strong upward price pressure from foreign investment and from local buyers turning to more flexible housing options. Houses moved more slowly, and in many cases took more than 15 years just to get back to their 2010 values.
The analysis puts the turning point in 2023. That year, the housing crisis, the cost of construction and high borrowing rates put building a house out of reach for many local buyers, who turned to flats instead. This set off a broad price rally that has reached its height in the second quarter of 2026.
Flats
Flat prices hit their lowest point in 2015 and 2016 and took off after 2022. In Limassol, the flat index rose from a low of 74.0 in 2015 to 154.1, an increase of more than 108 per cent. The analysis links this to Limassol’s role as the main draw for international companies and foreign capital.
In Paphos, the index climbed from 71.7 in 2021 to 136.1, a 90 per cent jump in five years, leaving it 36.1 per cent above 2010. According to the analysis, Paphos now closely follows Limassol’s pattern because of increased demand for seaside property.
Larnaca’s index reached 122.6, 22.6 per cent above 2010. The analysis says the district absorbed many of the buyers priced out of Limassol.
Flat prices in Nicosia rose at a more restrained pace. The capital’s index fell to a low of 75.0 in 2016 and reached 102.0 in 2026, essentially back at 2010 levels.
Famagusta was hit hardest after the crisis, with its index falling to 57.4 in 2017, 42.6 per cent below its 2010 level. It has recovered slowly to 95.4, making it the only district where flats are still slightly cheaper than in 2010, by 4.6 per cent.
Houses
House prices have lagged well behind. The analysis links this to the difficulty of financing large projects and weaker local demand for buying land and building homes.
Nicosia’s house index stands at 83.2, the lowest of any district, against 102.0 for flats in the capital.
In Limassol and Paphos, the house index reached 110.0 and 109.8, or 10 and 9.8 per cent above 2010. These are small rises compared with flat prices in the same districts.
Famagusta is the only district where houses have held their value better than flats, with its house index at 105.4, or 5.4 per cent above 2010. The analysis puts this down to steady demand for holiday homes.
In Larnaca, the house index stood at 94.9, meaning a house costs 5.1 per cent less than in 2010.
