Property Prices in Cyprus Reach Eight-Year High

Property prices for vacation homes in Cyprus have reached an eight-year high. According to experts, the real estate rental and sales market has rebounded after the COVID-19 pandemic.

Reports from Danos International Property Consultants and Assessors indicate that the rental cost of vacation homes in Cyprus has reached its highest level since 2016.

Compared to 2016, prices for vacation apartments have increased by 80%, while prices for vacation homes have risen by 60%.

When it comes to purchasing vacation properties in Cyprus, prices have increased by approximately 40% for apartments and 20% for houses.

Researchers note that rental prices for housing in Cyprus increased from 2016 to 2019, sharply declined in 2020 due to the COVID-19 pandemic, and began rising again from 2022, reaching a record level this year.

Current monthly rental rates for apartments and vacation homes range from 25 to 30 euros per square meter, compared to 18 to 22 euros in 2019.

In Larnaca, the rental cost of vacation housing has increased by 74% since 2016 and by 41% since 2019. In Paphos, the average rental payment has increased by 24.5% since 2019, with rates ranging from 25 to 30 euros per square meter for monthly rentals.

Rental prices in Limassol have increased by 16.2% since 2019, with current monthly rates ranging from 23 to 70 euros per square meter, compared to 20-60 euros in 2019.

In Famagusta, rental rates are increasing at the same pace as in Limassol, with monthly apartment and house rents increasing by 16%, ranging from 21 to 25 euros per square meter.

As for sales prices, vacation homes in Limassol remain the most expensive, exceeding 4000 euros per square meter, a 20% increase from 2019. The average increase since 2016 is estimated at 30%. In Famagusta, prices have increased by approximately 20% since 2019, ranging from 2760 to 3000 euros per square meter on average.

Larnaca ranks second in sales prices for vacation homes, with a 7% increase since 2019. Prices range from 2300 to 2900 euros per square meter.

The cost of purchasing a vacation home in Paphos has increased by approximately 15% since 2019, with an average price of around 3000 euros per square meter.