Larnaca and Nicosia drive demand for affordable housing in Cyprus

Cyprus’ residential property market continued to show clear regional contrasts during the first ten months of 2025, shaped by both high-value investment and steady domestic demand, according to a report from Landbank Analytics.

The report, covering the period from January to October, maps the island’s top-performing areas by value, volume and average sale price.

It showed Limassol leading in transaction value, Paphos standing out for higher average prices, while Larnaca and Nicosia account for the largest number of transactions.

Limassol continued to dominate the market in value terms, with three of its areas appearing in the island’s top ten and jointly generating more than €737 million in sales.

Germasogeia ranked first nationwide, recording transactions worth €351.5m and an average sale price of €584,000.

Limassol municipality followed with €274m in sales, while the Kourion area ranked sixth overall, contributing a further €111.7m.

Taken together, the three areas recorded more than 1,600 transactions, emphasising Limassol’s ability to combine high prices with sustained sales activity.

Paphos, meanwhile, stood out for its pricing profile, confirming its position as Cyprus’ main destination for higher-value residential property.

Three areas from the district also featured in the national top ten. The Akamas area, which includes Peyia, ranked seventh by total value at €88.5m.

However, it recorded the highest average sale price nationwide, exceeding €646,000.

Paphos municipality followed in fifth place with transactions worth €124.6m, while Geroskipou added close to €78m.

Across all three areas, average prices remained above €420,000, confirming the premium nature of residential property in the district.

Larnaca, by contrast, emerged as the most active district in terms of transaction volume.

Larnaca municipality recorded 927 sales worth €207.2m, the highest number of transactions recorded by any single area during the period under review.

Alongside this, Aradippou also featured in the top ten, ranking ninth with 394 transactions valued at €77.9m.

Average prices in both areas ranged between €200,000 and €220,000, reflecting strong demand in the mid-market segment.

Nicosia continued to act as a stabilising pillar of the residential market. Two of its municipalities appeared in the national top ten, with combined sales approaching €207m.

Nicosia Municipality ranked fourth, recording 624 transactions worth €130m. Lakatamia completed the top ten, offering the lowest average sale price among the leading areas at €195,000.

As a result, the capital’s market remained characterised by price stability and consistent demand for mid-range housing, largely driven by local buyers.

Commenting on the analysis, Landbank Group CEO Andreas Christophorides said the findings “highlight the diversity of Cyprus’ real estate market”.

He said Limassol and Akamas continue to act as magnets for high-income capital, maintaining record price levels.

At the same time, he added that “Larnaca and Nicosia demonstrate resilience through high transaction volumes, responding to steady demand for more affordable housing.”

Christophorides also pointed to average sale prices as an indicator of the market’s depth.

“In Akamas and Germasogeia, where prices exceed half a million euro, we’re clearly talking about investment portfolios and high-net-worth buyers,” he said.

“On the other hand, the resilience shown by areas like Lakatamia and Aradippou, with prices near €200,000, confirms that domestic need for accessible housing remains the fundamental driver sustaining overall market volume.”

According to the analysis, Christophorides said that “closely monitoring these distinctions allows for more targeted decision-making in a market that remains both balanced and mature.”