PwC Cyprus: The Real Estate Market in Cyprus Continued to Show Strong Performance in 2024
PwC Cyprus has unveiled its latest annual report on the Cypriot real estate market, providing an in-depth look at the key trends and developments throughout 2024. The analysis draws on comprehensive data and the firm’s industry expertise to offer a detailed overview of market dynamics.
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Market Shows Resilience Amid Global Headwinds
Despite persistent global uncertainties, the real estate sector in Cyprus remained robust. In 2024, transaction values reached a record €5.71 billion—a 1% increase from the previous year. However, the number of transactions slightly declined by 3%, totaling 23,900.
Nicosia was the only district to record a 4% increase in transaction volume, while coastal regions experienced slight drops. Limassol continued to dominate in transaction value, contributing 44% of the total, followed by Nicosia and Paphos.
Residential Market Drives Growth; Commercial Activity Gains Ground
The residential segment continued to be the market’s main engine, generating €3.8 billion in transactions (67% of the total value). Meanwhile, the commercial real estate sector experienced a significant uptick in value, helping to counterbalance declines in other categories. Limassol and Nicosia led in commercial activity.
Foreign Buyers Show Mixed Trends
Demand from foreign buyers dipped by 10% in 2024. Nonetheless, regions such as Nicosia, Larnaca, and Famagusta registered positive growth. Despite declines in Paphos and Limassol, these two districts still represented over 60% of all foreign property transactions.
Luxury Property Market Holds Steady
The high-end property segment (homes priced above €1.5 million) posted a modest rebound, with 188 transactions totaling €500 million—9% of the market’s overall value. Limassol remained the leader, accounting for 74% of luxury deals, followed by Paphos at 19%.
Construction Trends and Permitting Activity
Between January and November 2024, the number of new building permits issued dropped by 2%, although their total value rose by 2%. This suggests a growing focus on premium, higher-value projects. Limassol and Nicosia continued to lead in terms of development area. While office and retail projects expanded, tourism and leisure developments declined—possibly indicating market saturation or a shift in investment strategy.
Comment from Philippos Soseilos, CEO of PwC Cyprus
“In a rapidly evolving landscape filled with both challenges and opportunities, Cyprus’s real estate market remains central to the country’s economic transformation. Addressing immediate and long-term needs requires strategic, reform-driven action aligned with Vision 2035.”
