Paphos records Cyprus’ highest prices for new houses

Cyprus new-build property sales hit €1.15 billion in first half of 2026 Cyprus’ new-build residential property market recorded 3,594 sales worth €1.149 billion during the first half of 2026, according to an analysis by Landbank Analytics, with Limassol leading in total value, Nicosia recording the highest transaction volume and Paphos maintaining the most expensive house market. The January 1 to June 30, 2026 period saw sales of apartments and houses either under construction or at the planning stage reach a combined value of €1.15 billion, reflecting continued activity across the island’s residential property sector. The average value per transaction stood at €319,618, while the median price was €232,500, with the wide gap between the two figures attributed to a number of particularly high-value property sales. The analysis highlighted significant differences between Cyprus’ five districts, with each market displaying distinct characteristics depending on buyer demand, property type and price levels. Apartments remained the dominant segment of the off-plan residential market, accounting for 2,977 transactions, or 82.8 per cent of all sales, with a total value of €810.6 million. The average apartment selling price reached €272,274, while the median price stood at €215,000. During the same period, 617 new houses were sold for a combined value of €338.1 million, with the average value per property reaching €548,049 and the median price standing at €365,000. Although houses represented only 17.2 per cent of total transactions, they accounted for 29.4 per cent of the overall market value, underlining their substantially higher prices compared with apartments. The distribution of sales by price range showed that the majority of new homes remained within the mid-market segment. Of the 3,594 transactions recorded, 528 involved properties valued below €150,000, while another 1,423 sales were completed between €150,000 and €250,000. Overall, 1,951 properties, or 54.3 per cent of all sales, were priced below €250,000. A further 1,031 transactions fell within the €250,000 to €400,000 range, meaning that 2,982 sales, or 83 per cent of the total market, involved new homes priced below €400,000. Meanwhile, 458 properties were sold between €400,000 and €750,000, while 51 transactions fell between €750,000 and €1 million. Only 103 sales, representing 2.9 per cent of the total, involved properties valued at €1 million or more. The figures show that while luxury developments continue to attract attention, the largest share of Cyprus’ new-build market remains focused on mid-priced apartments and houses. Nicosia recorded the highest number of transactions, with 1,063 new-build residential property sales completed during the first half of 2026. The district recorded a combined sales value of €232.9 million, with the average transaction value reaching €219,108 and the median price standing at €185,000. Apartment sales dominated activity in the capital, with 894 new apartments sold at a median price of €175,000, while 169 houses changed hands with a median price of €285,000. At municipal level, Lakatamia recorded the highest activity with 200 transactions, followed by Strovolos with 183 and Latsia with 132. Further activity was recorded in Engomi, with 100 sales, and Aglantzia, with 95. The figures indicate that Nicosia’s market continues to be supported largely by domestic demand and new housing projects targeting affordable and mid-market buyers. Limassol remained the leading district in terms of total sales value, recording 1,050 new-build apartment and house transactions worth €435 million. The district accounted for 29.2 per cent of all transactions but represented 37.9 per cent of the market’s total value, reflecting its higher property prices. The average transaction value reached €414,307, while the median price stood at €302,910. A total of 895 apartment sales were recorded, with a median price of €297,600, while 155 houses were sold at a median value of €390,000. Limassol municipality recorded 384 transactions worth €136.1 million, followed by Agios Athanasios with 148 sales and Germasogeia with 132. Germasogeia stood out as one of Cyprus’ most expensive residential areas, with the median transaction value reaching €472,500. Larnaca emerged as a key market for new apartments, recording 883 new-build residential sales worth €187.6 million. The average transaction value stood at €212,417, while the median price was €190,000, placing the district among the more affordable new-build markets in Cyprus. Apartments accounted for 795 transactions, or 90 per cent of all sales in the district, with a median price of €184,000. House sales were limited to 88 transactions, with a median price of €320,000. Aradippou recorded the highest activity with 270 transactions, followed by Larnaca municipality with 215 and Livadia with 214. Together, the three areas accounted for 699 sales, representing almost eight out of every ten new homes sold in the district. The figures point to growing momentum across the wider Larnaca urban corridor, driven mainly by apartment developments aimed at both owner-occupiers and investors. Paphos maintained its position as the district with the highest-value houses, recording 497 new-build residential transactions worth €258.2 million. The average value per sale reached €519,493, while the median price stood at €360,000, the highest among Cyprus’ five districts. Apartment sales totalled 333 transactions, with a median price of €302,500. House sales reached 164 transactions, with a median value of €570,000, also the highest figure recorded across Cyprus. The average house value was influenced by a single €13 million transaction, meaning the median price provides a more accurate reflection of typical market conditions. Paphos municipality recorded 205 transactions, while Geroskipou accounted for 110 sales. In Peyia, 52 sales were completed, with the median transaction value reaching €789,000. The data confirms Paphos’ strong position in the market for houses, villas and high-specification holiday properties. Famagusta recorded lower transaction volumes but relatively higher house values, with 101 new-build residential sales completed in the district’s free areas. The combined value of transactions reached €35 million, with the average value per sale standing at €346,727 and the median price at €225,000. Apartments accounted for 60 transactions, with a median price of €200,000, while 41 houses were sold at a median value of €395,000. Paralimni recorded the highest activity, with 55 new apartment and house sales completed. Commenting on the findings, Landbank Group chief executive officer Andreas Christophorides said the figures showed that Cyprus’ new-build residential market was developing differently across each district. “Cyprus’ new-build residential property market operates with different characteristics in each district. Nicosia and Larnaca are mainly supported by affordable and mid-priced apartments, Limassol dominates in total transaction value, while Paphos maintains a strong position in the market for high-specification houses,” Christophorides said. “It is particularly important that 83 per cent of all transactions were completed at prices below €400,000, confirming that the core of the market serves genuine residential and investment needs,” he added. “The significant variations between individual areas make the use of reliable and specialised market data essential, enabling buyers, investors and property developers to make decisions based on the actual dynamics of each local market,” Christophorides concluded.