Cyprus Apartment Prices Reach Record High: What It Means for Buyers and Agents

Source: Based on data from the Central Bank of Cyprus and analysis originally published by Cyprus Property News (Nigel Howarth).

Apartment prices in Cyprus have officially reached their highest level on record — and we believe this marks a pivotal moment for the local property market. According to the latest Central Bank data for Q2 2025, the Residential Property Price Index climbed to 101.1 points, surpassing all post-crisis benchmarks and signalling renewed strength in both investor and homeowner demand.

At RealtyHub.cy, we think this surge reflects more than just limited supply — it’s a sign of confidence returning to Cyprus real estate as a long-term asset, both for locals and foreign buyers.

The Numbers Behind the Record

The Central Bank’s figures trace back to 2006, capturing the market’s highs, lows, and recoveries. The previous all-time high was set in 2008, just before the financial crisis hit and prices tumbled for several years.

By 2013, Cyprus faced a deep recession linked to banking failures, excessive property debt, and exposure to Greek sovereign bonds. It took more than a decade for prices to recover fully — but now, the Q2 2025 reading of 101.1 marks a clear return to strength.

We believe this new milestone is being driven by a perfect storm of factors:

• Limited new housing supply despite growing population needs
• Rising incomes among professional and international groups
• Strong foreign demand, particularly in coastal areas
• Persistent construction cost inflation, pushing prices further upward

Apartments Lead the Market Boom

According to the data, Cyprus apartment prices have hit a new all-time high — the index climbed to 118.2 points, overtaking the previous record of 105.8 set in late 2008.

This 17-year peak reflects how urban living and investment demand have reshaped the market. In our opinion, apartments have become the preferred entry point for both domestic professionals and foreign investors seeking rental returns and city convenience.

Regional Highlights:

• Limassol: 143 points — up 93% in ten years, leading the island’s market.
• Nicosia: Just 2% below its 2010 peak, showing stable, resilient growth.
• Larnaca: Doubled in a decade (+101%), boosted by new infrastructure and beachfront developments.
• Paphos: +99% over ten years — tourism and Golden Visa buyers still fuel demand.
• Famagusta: +48% in a decade — slower but steady recovery.

Meanwhile, the house price index stands at 92.7 points, up 24% over the last decade, with Paphos and Famagusta leading the charge.

How Cyprus Compares to the Rest of Europe

Across Europe, the upward trend in housing costs continues. Eurostat data for Q2 2025 shows average prices rising 1% year-on-year in the euro area and 5.4% in the EU overall.

Cyprus recorded a modest +1.0% annual increase and a +0.2% quarterly rise — much less aggressive than hot markets like Portugal (+17.2%), Bulgaria (+15.5%), and Hungary (+15.1%).

In our view, this suggests Cyprus remains relatively affordable compared to EU peers, especially when factoring in lifestyle appeal, taxation benefits, and stable rental yields.

What This Means for Agents and Investors

From an MLS perspective, these dynamics underline the importance of accurate listings and real-time pricing transparency. When apartment prices are moving at record speed, both agents and buyers need a reliable system to verify current market levels and track supply by region.

We believe that MLS data sharing will become a central part of maintaining trust and efficiency in this fast-moving environment — especially as construction costs, lending rates, and global buyer trends continue to shift.

Our Take

While record prices may concern first-time buyers, we think the broader picture is one of market maturity, not speculation. Unlike 2008, the current boom is underpinned by genuine demand, diversified foreign investment, and a more transparent property ecosystem.

At RealtyHub, we’ll continue to monitor these trends and support agents with tools and insights that help them navigate the evolving Cyprus real estate market with confidence.