Average property values in Q1 2024

The first quarter of 2024 real estate market data has recently been released, including information on average property prices in many categories. The Department of Cadastre and Land Surveying compiled this data, which the Real Estate Registration Board presents in its quarterly "Real Estate Market Newsletter" and offers a thorough summary of the housing industry's current situation.

Apartments come first

Four main groups are the focus of the analysis: fields, land plots, houses, and apartments. Regarding apartments, 421 transfers were reported across the country in the first quarter, with Nicosia district having an important proportion of these transactions. It's interesting to note that Limassol district stands out above the others with the highest average apartment value of €208,220, well exceeding that of other districts. For example, the average apartment value in Larnaca was €116,914, but it was €131,841 in Nicosia. The districts of Paphos and Famagusta came in second and third, respectively, with average values of €107,175 and €105,182.

House and residential trends

Now for the housing market: 244 sales were recorded all over the country, with Nicosia district leading the way with more over half of the total sales. It's important to note, nevertheless, that the district of Famagusta surprised everyone by coming in first place with the highest average value, €393,497, for residential properties. The district of Limassol came in second with an average of €209,917, while the averages for Larnaca and Nicosia were €206,436 and €138,488, respectively. Paphos, with an average value of €96,925, fell behind.

Land and development opportunities

The districts of Nicosia and Larnaca led the country in land transactions, between them, they accounted for a sizable share of the 462 transactions that were finalised on the island. The districts of Paphos and Limassol, on the other hand, had the highest average land prices, coming in at €276,468 and €207,875, respectively. With an average value of €196,857, the district of Famagusta followed the example, while the districts of Larnaca and Nicosia reported averages of €182,350 and €167,966, respectively. It's important to remember that the size of the area and any included buildings might affect the value of the land.

Fields and regional trends

Finally, fields saw a lot of activity, leading the way were the districts of Nicosia and Limassol. The average value of land in Nicosia district was €82,192, whilst the average value of land in Paphos district was €119,249. The average land values in the other districts remained comparatively consistent.

Insights from the market

The President of the Council of Estate Agents Registration, Marinos Keynegirou, brings focus on the way the real estate industry is changing. He observes that buyers are more interested in apartments than in houses, and that developers find themselves drawn to land and residential plots, which suggests that customer tastes and approaches to investment are changing over time.

In summary, the first quarter of 2024 provides insightful information on how Cyprus's real estate market is changing and reflects shifting consumer and investment trends.