Real Estate Prices in Cyprus Returning to Pre-Crisis Levels

In the third quarter of 2023, the Central Bank's housing price index in Cyprus reached 91.4 points, compared to 89.4 points in the second quarter. The indicator approached the pre-crisis level of 2012 (91.2 points). The highest point was recorded in the third quarter of 2008 - 107.3 units.

The economic crisis that unfolded after 2013 in Cyprus led to a decline in property prices. In 2014, the housing price index fell to 77.8 points, in 2014 and 2013 - to 74.4 points and 73.4 points, respectively.

Stabilization of new housing supplies, improvement of incomes for some population groups, and increased demand from abroad have led to a significant rise in prices, resulting in a considerable revival of construction activity.

According to Philenews, the apartment price index is at an all-time high in the Central Bank's observations, recovering most of the losses incurred during the financial and banking crisis. Compared to the minimum recorded in 2006, the growth amounted to 24.5%.

It is also noted that if such price growth rates persist, the market will complete a 16-year cycle and return to the record level of 2008 by 2024.

The price index in Limassol in the third quarter of 2023 according to the Central Bank's index was 125.3 points, in Larnaca - 92.5 points, in Paphos - 95 points, in Famagusta - 71.7 points.

The overall house price index in the third quarter was 85.6 points. In Limassol, the index reached 93.6 units, in Nicosia - 80.2, in Larnaca - 80.1, in Paphos - 88.1, and in Famagusta - 86.1 units.