The 7th edition of the Neapolis Property Price Index (NPPI), produced by the Department of Real Estate at Neapolis University Pafos, delivers a data-driven overview of the Cypriot housing market. Covering the third quarter of 2024, it captures key market dynamics based on actual transaction data, offering transparency and reliability to investors, professionals, and policymakers.

Key Findings:

• Quarter-on-Quarter (QoQ):
  Dwelling prices rose by +1.2% nationally.
  • Larnaca led with +1.8%
  • Pafos +1.4%
  • Famagusta +1.1%
  • Limassol +1%
  • Nicosia +0.6%
• Year-on-Year (YoY):
  Overall dwelling prices increased by +4.0%.
  • Larnaca showed the strongest growth (+7.1%)
  • Famagusta +4.4%
  • Pafos +3.7%
  • Nicosia +2.8%
  • Limassol +2.5%
• Apartments:
  Strong upward momentum continued, with prices up +1.5% QoQ and +6.1% YoY. Growth was most evident in coastal cities such as Larnaca, Pafos, and Famagusta, reflecting strong demand from both local and foreign buyers.
• Houses:
  More modest growth with +0.5% QoQ and +0.7% YoY, reflecting affordability constraints and weaker demand in certain districts. Pafos recorded the strongest increases, while Famagusta was the only district with declines.
• Transactions:
  • 69% of dwelling transactions were for apartments, 31% for houses.
  • Most transactions (81%) were below €350K.
  • Limassol led activity with 26% of total sales, followed by Larnaca (24%), Nicosia (22%), and Pafos (21%). Famagusta accounted for only 6%.
• Median Prices:
  Cyprus’ median dwelling price reached €200K, the highest since 2012.
  • Limassol: €290K
  • Pafos: €220K
  • Larnaca: €167K
  • Nicosia & Famagusta: €160K

Conclusion

The Q3 2024 NPPI highlights sustained apartment demand across Cyprus, particularly in coastal districts, reflecting shifts in affordability and investor focus. Houses, meanwhile, show signs of stabilization with limited growth. With its reliance on transaction-based data, the NPPI remains a vital, transparent benchmark for assessing the real estate market.

Download the full index here