The Cyprus property market in 2024 is buzzing with action, with property prices soaring in some areas and cooling down in others. Whether you’re looking to invest, relocate, or just keep up with the gossip, here’s the lowdown on what’s happening across the island!
Paphos
Paphos is serving up some mixed vibes this year! The average price of new apartments dropped by 7.5% to €332,621, making it a great time to grab an apartment near the beach or the buzzing Old Town. On the flip side, house prices shot up by 8.15% to €615,491 – perfect for those looking for spacious homes with sea views.
One exciting trend is the rise of student accommodation thanks to the growing universities in Paphos. Investors are snapping up smaller apartments close to the colleges – a smart move for rental income!
Limassol
Limassol is still the queen of luxury living! Apartment prices skyrocketed by 20.6% to €558,230, while houses climbed a whopping 30.1% to €695,994. It’s no secret that Limassol is a hotspot for international buyers looking for beachfront pads and glamorous penthouses. If you’re thinking of investing in Cyprus’ most cosmopolitan city, now’s the time!
Nicosia
The capital city is keeping it real with local buyers calling the shots. Apartment prices dipped by 2.9% to €198,421, while houses barely budged at €309,440. If you’re looking for an affordable home with city vibes and a growing café culture, Nicosia is your place. This market is all about steady demand without the touristy price hikes.
Larnaca
Larnaca is glowing up! Apartment prices rose by 3.1% to €196,600 as more people snap up homes in the urban centre. Meanwhile, house prices dipped by 7.2% to €336,928 as new developments pop up in the suburbs. With the new marina project and cool coastal lifestyle, Larnaca is one to watch!
Famagusta
Famagusta is quietly climbing the ladder! Apartment prices jumped by 11.1% to €229,094, while houses rose by 3.9% to €332,414. Perfect for those looking for holiday homes or investment properties outside the busy cities. The golden beaches and laid-back vibe make it a dreamy investment spot.
Conclusion
Whether you’re hunting for a beach pad, a student rental, or a luxury villa, Cyprus has something for everyone in 2024! Limassol is hot for international investors, Paphos is booming with family homes and student flats, while Nicosia, Larnaca, and Famagusta offer plenty of value for both locals and holidaymakers.
Ready to make your move? Let’s find your dream property!
Melissa Marie Lowndes Gold Seven Real Estate Agency Ltd (Reg 772 / Lic 366E)
Phone: +357 99960325
Email: [email protected]
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