Limassol leads Cyprus property surge as sales near 15,000

Cyprus’ property market continued to expand in September, with sale contracts reaching 14,969 during the first nine months of 2026 and activity remaining above last year’s levels in every month so far. A total of 1,681 sale contracts were lodged with land registry offices during September, up 13 per cent from 1,484 a year earlier, according to the latest department of lands and surveys figures. The September result also marked a clear rebound from August, when 1,241 contracts were filed, although activity remained below the 2,040 recorded in July. Consequently, contracts filed between January and September reached 14,969, compared with 13,173 during the same period of 2025, representing growth of 14 per cent and an additional 1,796 contracts. The monthly figures continue to show a market consistently ahead of last year. Sales rose by 11 per cent in January, 12 per cent in February, 18 per cent in March, 15 per cent in April and 5 per cent in May. Growth accelerated to 27 per cent in June, before easing to 11 per cent in July and 10 per cent in August, followed by September’s 13 per cent increase. However, as in previous months, much of the expansion remained concentrated in Limassol and Paphos. Together, the two districts accounted for 1,172 of the 1,796 additional contracts recorded across Cyprus during the nine months, or just over 65 per cent of the total increase. Limassol remained the country’s largest property market, with September reversing the annual decline recorded in August. A total of 506 contracts were lodged during the month, up 16 per cent from 436 in September last year. This took the district’s nine-month total to 4,860, compared with 4,156 a year earlier, an increase of 17 per cent. Limassol alone contributed 704 of the additional contracts recorded nationwide. Meanwhile, Paphos retained the strongest percentage growth among the five districts over the nine-month period. Sales in the district reached 345 in September, up 10 per cent from 313 a year earlier, taking the January-to-September total to 2,999 contracts, compared with 2,531 during the corresponding period of 2025. This represented growth of 18 per cent and an additional 468 contracts. While Paphos recorded its only annual decline of the year in March, activity has remained above last year since then, including increases of 41 per cent in April, 24 per cent in May, 28 per cent in June, 15 per cent in July, 20 per cent in August and 10 per cent in September. Larnaca recorded the strongest performance in September, with 393 contracts compared with 305 a year earlier, an increase of 29 per cent. Its nine-month total reached 3,291, up 15 per cent from 2,869 during the same period last year. This meant the district added 422 contracts and remained ahead of its 2025 levels throughout every month of the year so far. Nicosia also continued to grow, with 374 contracts filed in September, up 7 per cent from 351 in the same month last year. Over the nine months, the capital recorded 3,163 contracts, compared with 2,991 in 2025, an increase of almost 6 per cent. While this remained the second-slowest rate of growth among the five districts, it still represented 172 additional contracts. Famagusta, meanwhile, remained the weakest part of the market. September sales fell by 20 per cent, with 63 contracts compared with 79 a year earlier, extending the weaker pattern seen in recent months. Nevertheless, its stronger performance earlier in the year kept the nine-month result in positive territory. Contracts reached 656, compared with 626 during the same period of 2025, representing growth of almost 5 per cent. The September figures also show that the monthly increase was heavily concentrated in Larnaca and Limassol. Together, the two districts added 158 of the 197 additional contracts recorded nationwide compared with September last year, equivalent to around 80 per cent of the monthly increase. Foreign demand also continued to play an important role. Sales to buyers from other EU countries rose by 4 per cent year on year in September, while contracts involving buyers from outside the bloc increased by 26 per cent. The difference was particularly visible among non-EU buyers, where sales rose by 45 per cent in Limassol, 30 per cent in Paphos and 27 per cent in Larnaca. By contrast, Nicosia and Famagusta recorded declines. At the same time, the continued strength in transactions comes alongside further increases in residential property prices. The Central Bank of Cyprus (CBC) reported last month that residential property prices rose by 8.5 per cent year on year in the second quarter of 2026, accelerating from 7.5 per cent in the first quarter. Prices also increased by 2.4 per cent compared with the previous quarter. Apartment prices rose by 8.9 per cent year on year, while house prices increased by 5.8 per cent. The bank attributed the continued rise mainly to strong demand from foreign buyers, followed by local demand, as well as higher construction costs. Meanwhile, the latest Cystat figures show that construction material prices were 3.39 per cent higher in August than a year earlier, with the index reaching 123.09 points. Prices were also marginally higher than in July.