The Cyprus real estate market continues to demonstrate strength and resilience, with industry experts predicting the dawn of a new “golden era” in property development. These insights were shared during the 19th Property Development & Construction Conference and Exhibition, where professionals discussed emerging trends, investment opportunities, and the future of real estate in Cyprus. [...]
The Cyprus real estate market continues to demonstrate strength and resilience, with industry experts predicting the dawn of a new “golden era” in property development. These insights were shared during the 19th Property Development & Construction Conference and Exhibition, where professionals discussed emerging trends, investment opportunities, and the future of real estate in Cyprus.
Market Stability with Room for Improvement
Kikis Athinodorou, Director of Kikis Athinodorou & Associates LLC, emphasized that while the property market in Cyprus remains stable, challenges persist—particularly in the resale segment, where older properties often remain unsold. He called for increased investment in building maintenance to preserve long-term value and urged developers to diversify beyond typical student housing projects.
At AGD, we’re proud to offer a selection of modern residential properties designed for long-term value and minimal maintenance — view our current projects here.
Flexibility Needed in Investment Incentives
Markos Christodoulou, Managing Director of IKIA RESIDENCE, acknowledged the appeal of Cyprus for investors but stressed the need for faster, more efficient processes, especially concerning permanent residency permit applications. He suggested Cyprus could learn from Malta’s streamlined political coordination to attract more international interest.
For those considering property investment in Cyprus with long-term benefits, our team is here to guide you — learn more about us.
Local vs Foreign Buyer Trends
Georgios Chrysochos of the Cyfield Group highlighted differing trends between local and foreign buyers. While locals benefit from stable interest rates and a strong economy, foreign interest continues to grow. However, the supply of available properties is not meeting rising demand—an issue compounded by delays in public infrastructure projects.
Energy, NPLs, and the Real Estate Surge
Petros Lazarou, CEO of G&P Lazarou Estate Agents Ltd, predicted a major boom in the property market, driven by Cyprus’ strategic position as an emerging energy hub. With the EU moving away from Russian energy dependence, Cyprus’ natural resources and geographic location are increasing investor confidence. He also noted a rise in acquisitions of properties linked to non-performing loans (NPLs), further fueling growth.
Larnaca’s Rising Momentum
Panikos Livadhiotis, Managing Director of L. Livadhiotis & Sons, pointed to Larnaca as a key area of growth due to responsible banking and increasing demand. Developers are shifting focus from high-rise towers to more manageable residential units, with AI technology playing a growing role in improving efficiency and buyer communication.
If you’re considering investment opportunities in up-and-coming areas like Larnaca or Pera Chorio, contact our team for personalised guidance.
A Global Outlook for Cyprus Real Estate
Pantelis Leptos, Co-President of the Leptos Group, noted how the globalisation of real estate—accelerated by the pandemic—has positioned Cyprus as a destination for digital nomads and remote professionals. He projected that with a focus on sustainability, digital innovation, and talent attraction, Cyprus could see its GDP rise from €35 billion to €50 billion in the near future.
Final Thoughts: A Bright Future for Cyprus Real Estate
Moderated by Yiannis Misirlis, President of the Cyprus Property Developers Association, the conference closed on a high note. Experts agreed that Cyprus is heading into a new era of opportunity, innovation, and international appeal in the property sector.
As the market evolves, now is the perfect time to discover your place in Cyprus’ real estate future.
The Cyprus real estate market continues to demonstrate strength and resilience, with industry experts predicting the dawn of a new “golden era” in property development. These insights were shared during the 19th Property Development & Construction Conference and Exhibition, where professionals discussed emerging trends, investment opportunities, and the future of real estate in Cyprus.
Market Stability with Room for Improvement
Kikis Athinodorou, Director of Kikis Athinodorou & Associates LLC, emphasized that while the property market in Cyprus remains stable, challenges persist—particularly in the resale segment, where older properties often remain unsold. He called for increased investment in building maintenance to preserve long-term value and urged developers to diversify beyond typical student housing projects.
At AGD, we’re proud to offer a selection of modern residential properties designed for long-term value and minimal maintenance — view our current projects here.
Flexibility Needed in Investment Incentives
Markos Christodoulou, Managing Director of IKIA RESIDENCE, acknowledged the appeal of Cyprus for investors but stressed the need for faster, more efficient processes, especially concerning permanent residency permit applications. He suggested Cyprus could learn from Malta’s streamlined political coordination to attract more international interest.
For those considering property investment in Cyprus with long-term benefits, our team is here to guide you — learn more about us.
Local vs Foreign Buyer Trends
Georgios Chrysochos of the Cyfield Group highlighted differing trends between local and foreign buyers. While locals benefit from stable interest rates and a strong economy, foreign interest continues to grow. However, the supply of available properties is not meeting rising demand—an issue compounded by delays in public infrastructure projects.
Energy, NPLs, and the Real Estate Surge
Petros Lazarou, CEO of G&P Lazarou Estate Agents Ltd, predicted a major boom in the property market, driven by Cyprus’ strategic position as an emerging energy hub. With the EU moving away from Russian energy dependence, Cyprus’ natural resources and geographic location are increasing investor confidence. He also noted a rise in acquisitions of properties linked to non-performing loans (NPLs), further fueling growth.
Larnaca’s Rising Momentum
Panikos Livadhiotis, Managing Director of L. Livadhiotis & Sons, pointed to Larnaca as a key area of growth due to responsible banking and increasing demand. Developers are shifting focus from high-rise towers to more manageable residential units, with AI technology playing a growing role in improving efficiency and buyer communication.
If you’re considering investment opportunities in up-and-coming areas like Larnaca or Pera Chorio, contact our team for personalised guidance.
A Global Outlook for Cyprus Real Estate
Pantelis Leptos, Co-President of the Leptos Group, noted how the globalisation of real estate—accelerated by the pandemic—has positioned Cyprus as a destination for digital nomads and remote professionals. He projected that with a focus on sustainability, digital innovation, and talent attraction, Cyprus could see its GDP rise from €35 billion to €50 billion in the near future.
Final Thoughts: A Bright Future for Cyprus Real Estate
Moderated by Yiannis Misirlis, President of the Cyprus Property Developers Association, the conference closed on a high note. Experts agreed that Cyprus is heading into a new era of opportunity, innovation, and international appeal in the property sector.
As the market evolves, now is the perfect time to discover your place in Cyprus’ real estate future.
In a major development related to the now-defunct Golden Passports scheme, Antonis Antoniou, a senior lawyer and former employee of the Giovani Group, was officially acquitted of all charges this week. The charges were linked to alleged illegal naturalisations exposed by the Al Jazeera "Cyprus Papers Undercover" documentary. The acquittal followed the prosecution’s decision to [...]
In a major development related to the now-defunct Golden Passports scheme, Antonis Antoniou, a senior lawyer and former employee of the Giovani Group, was officially acquitted of all charges this week. The charges were linked to alleged illegal naturalisations exposed by the Al Jazeera “Cyprus Papers Undercover” documentary.
The acquittal followed the prosecution’s decision to suspend the charges, after a key witness, Anthony Kay, refused to testify. In a written statement submitted to the court, Kay stated that he “did not see and was not aware of any offence” involving Antoniou—contradicting earlier claims made during the investigation.
The case against Antoniou heavily relied on testimonies from both Kay and Al Jazeera journalist Sarah Yeo, who also declined to appear in court. As a result, the Attorney General suspended two major charges, and Antoniou was cleared.
Meanwhile, legal proceedings continue against former House President Demetris Syllouris and ex-MP Christakis Giovanis, who face serious accusations including conspiracy to subvert the Republic and attempting to improperly influence public officials.
Originally, the case included four defendants. Lawyer Andreas Pittadjis, known for his controversial “This is Cyprus” comment in the documentary, was acquitted in 2023 and later served as Antoniou’s legal counsel.
The case stems from Al Jazeera’s 2020 exposé, which featured undercover reporters posing as agents for a fictitious criminal seeking Cypriot citizenship. Despite the obvious red flags, key public figures appeared willing to assist with the application—sparking widespread backlash.
Following the revelations, Cyprus terminated its citizenship-by-investment programme in November 2020. The European Commission later initiated infringement procedures, citing systemic abuse of the scheme. An official report revealed that over 50% of the 6,779 naturalisations under the programme were improperly granted, largely due to weak due diligence.
The government has since begun revoking passports that were issued illegally.
Antoniou’s acquittal represents a pivotal moment in the ongoing legal saga, though the broader investigation into corruption and misuse of power in Cyprus continues.
The Association of Large Investment Projects has raised concerns over Cyprus’ housing shortage, warning that it could deter foreign companies from establishing their headquarters on the island. The lack of affordable and available housing is becoming a significant barrier to corporate relocations and requires immediate attention. According to the association, ensuring Cyprus remains an attractive [...]
The Association of Large Investment Projects has raised concerns over Cyprus’ housing shortage, warning that it could deter foreign companies from establishing their headquarters on the island. The lack of affordable and available housing is becoming a significant barrier to corporate relocations and requires immediate attention.
According to the association, ensuring Cyprus remains an attractive hub for international businesses depends on prioritizing housing solutions for employees of large corporations.
“Establishing corporate headquarters in Cyprus brings undeniable benefits,” the association stated. These investments create jobs, drive technological innovation, and boost economic growth, strengthening the country’s trade, investment, and overall business environment.
A Growing Challenge for Businesses
Despite Cyprus’ strategic advantages and ongoing infrastructure development, the rising cost of housing and limited availability pose significant challenges. Without action, companies may reconsider relocating or avoid expanding operations in Cyprus, despite its attractive business incentives.
The association emphasized that addressing the housing crisis is crucial to maintaining Cyprus’ global reputation as a corporate hub. Solutions may include:
Encouraging corporate housing projects through targeted incentives, such as increasing building allowances in designated areas.
Streamlining development licensing, as delays—particularly from new environmental impact assessments (EIAs)—continue to slow approvals and inflate housing costs.
Leveraging technology to enhance efficiency and create a business-friendly investment climate.The Impact on Cyprus’ Economic Future
Without immediate action, the housing shortage could undermine Cyprus’ economic and strategic goals, hindering investment and weakening the country’s global competitiveness. The association urges policymakers to implement proactive measures that support sustainable development and long-term business growth.
Slower Growth in Property Prices The General House Price Index from the Central Bank of Cyprus (CBC) indicated a deceleration in property price growth during the third quarter of 2024. The increase in apartment prices slowed more noticeably than that of houses. The House Price Index recorded a 0.9% quarterly increase, down from 1.6% in [...]
Slower Growth in Property Prices
The General House Price Index from the Central Bank of Cyprus (CBC) indicated a deceleration in property price growth during the third quarter of 2024. The increase in apartment prices slowed more noticeably than that of houses.
The House Price Index recorded a 0.9% quarterly increase, down from 1.6% in the previous quarter. Annually, house prices rose by 6.5%, compared to 8% in Q2. Apartment prices saw the most significant slowdown, with an 8.8% annual increase, down from 12% in the previous quarter.
Local Buyers Drive Market Activity
Demand from local buyers remained strong, while purchases by foreign investors saw a slight decline. The total number of sales contracts reached 4,081, marking a 6.6% annual rise. Transactions by local buyers surged by 13.7%, whereas foreign purchases declined by 2.3%.
Among Cyprus’s districts, Limassol had the highest number of transactions, followed by Larnaca, Nicosia, Paphos, and Famagusta. Paphos remains the top choice for foreign buyers, while local demand dominates other districts.
House Price Variations Across Districts
Property price trends varied across Cyprus:
Quarterly House Price Growth:
- Nicosia: +1%
- Famagusta: +3%
- Limassol: +9%
- Larnaca: +1%
- Paphos: +2%
Annual House Price Growth:
- Paphos: +11.8% (highest)
- Famagusta: +11.1%
- Limassol: +7.4%
- Larnaca: +8.1%
- Nicosia: +2.7%
Annual Apartment Price Growth:
- Famagusta: +19.2%
- Larnaca: +15.1%
- Paphos: +14.4%
- Nicosia and Limassol saw more moderate growth.
These trends reflect local supply and demand dynamics. Limassol and Nicosia offer more new properties, while Larnaca, Paphos, and Famagusta face limited supply, driving prices up.
Key Market Influences
Several factors are shaping property prices:
- New Developments: Residential construction approvals increased by 4% in the first half of 2024 compared to 2023.
- Construction Costs: Building material prices fell by 2% year-on-year.
- Mortgage Rates: Housing loan interest rates stood at 59% in Q3, slightly higher than the previous quarter.
- Lending Activity: New mortgage lending grew by 5%, reaching €270 million, though banks maintained strict loan criteria.
Market Outlook
The moderation in price growth is expected to continue as more properties enter the market and demand from foreign investors stabilizes. According to European Commission research, property price expectations are lower than in 2023, suggesting the market is transitioning toward a more stable phase.
While prices are still rising, the pace of growth is slowing, indicating a shift towards a more balanced property market in the coming months.