Resales of existing Cyprus houses more than double in third quarter

Paphos leads quarterly residential resales as house sales jumpResales of existing houses in Cyprus more than doubled in the third quarter of 2026, with transactions rising by 114.5 per cent compared with the previous quarter, as the secondary residential property market underwent a significant shift towards houses, according to a report by Landbank Analytics. The number of recorded house resales increased from 345 in the second quarter to 740 in the third, while the total value of apartment and house resales reached €710.40 million during the first 9 months of the year. The study covered 3,241 resales of existing apartments and houses between January and September 2026, excluding residential plots, land, offices, retail premises and off-plan properties. Overall, residential resales increased by 50 per cent quarter-on-quarter in the third quarter, from 1,044 transactions in the second quarter to 1,566, while their combined recorded value climbed by 78 per cent, from €212.80m to €378.80m. Apartment resales also increased, rising by 18.2 per cent from 699 transactions to 826, but the faster growth in house sales changed the composition of the market. Houses accounted for 47.3 per cent of recorded residential resales in the third quarter, compared with 33 per cent in the second quarter, bringing their share close to that of apartments. Landbank Analytics cautioned that this shift reflects a change in the mix of transactions and does not necessarily indicate an equivalent change in underlying demand. Over the 9-month period, 1,931 apartment resales had a combined recorded value of €309.80m, with a median sale price of €140,000 and a median floor area of 81.5 square metres. The 1,310 house resales were worth a total of €400.60m, with a median price of €235,500 and a median floor area of 135 square metres. The overall median resale price rose to €172,000 in the third quarter, up from €155,000 in the second, although the figures for apartments and houses moved in opposite directions. The median apartment resale price increased from €140,000 to €149,000, while the median for houses fell from €255,000 to €240,000. Landbank Analytics said the increase in the overall median partly reflected the larger proportion of house transactions, since houses typically command higher prices than apartments. The figures therefore do not, in themselves, demonstrate a general increase in the prices of comparable homes, highlighting the importance of distinguishing changes in transaction composition from movements in underlying property values. Limassol leads in value, while Nicosia records the most sales Nicosia recorded the highest number of residential resales during the first 9 months of 2026, with 984 transactions, while Limassol led in total value, recording €235.60m across 670 transactions. Limassol also had the highest median residential resale value, at €245,000. The differences were particularly pronounced when the figures were broken down by property type, with the median apartment resale price in Limassol reaching €219,000, compared with €135,000 in Nicosia and €120,000 in Larnaca. For houses, Limassol’s median resale value stood at €326,000, against €215,000 in Nicosia and €180,000 in Larnaca. Paphos recorded the strongest quarterly activity, with 400 residential resales in the third quarter, up from 204 in the second, an increase of 96.1 per cent. This placed the district ahead of Nicosia, which recorded 394 transactions during the same period. The increase in house resales was especially pronounced in Paphos, where transactions climbed from 59 in the second quarter to 213 in the third. The district’s median value across all residential resales also increased, reaching €195,000 in the third quarter compared with €150,000 in the previous quarter. However, Landbank Analytics again cautioned that this comparison reflects the mix of properties sold in each period. Most apartments resell for up to €200,000 The report also highlighted differences in the price ranges of apartments and houses, which have implications for buyers seeking properties within a defined budget. Some 81.5 per cent of apartment resales during the 9-month period were recorded at prices of up to €200,000. The market for houses was distributed differently, with 47.2 per cent of transactions falling above €200,000 and up to €500,000. The figures underline the different price points at which buyers are active in the two segments of the existing housing market. Older properties account for a substantial share of resales Of the 3,241 recorded transactions, 1,383 involved properties built before 2000, representing 42.7 per cent of all residential resales. The proportion was higher for houses, at 48.2 per cent, compared with 38.9 per cent for apartments. Landbank Analytics said the age of a property makes it important for buyers to assess its physical condition, potential refurbishment requirements and energy performance. However, it stressed that the year of construction alone cannot determine the cost of any necessary upgrades. The report also identified differences between the locations most active in apartment and house resales, suggesting that buyers and investors should assess properties against comparable sales in the same local market rather than rely on national averages. Larnaca city recorded 225 apartment resales during the 9 months, followed by Strovolos with 199, Paphos city with 192 and Limassol city with 169. For houses, notable transaction numbers were recorded in Limassol city, with 88, followed by Larnaca city with 69, Nicosia city with 59 and Peyia with 55. Commenting on the findings, Landbank Group founder and chief executive Andreas Christophorides said the most revealing development in the third quarter was the substantial shift in the composition of residential resale transactions. “Houses increased their share from one in three to almost one in two sales, while Paphos recorded particularly strong activity,” he said. “This is a reminder that the secondary housing market is not uniform. An apartment in Nicosia and a house in Paphos or Limassol serve different needs and operate at different price levels,” Christophorides added. “For buyers and investors, sound assessment requires analysis of property type, age, size and location,” he stressed. “Equally, in the public debate, we must avoid confusing an increase in transaction value with an increase in the prices of comparable homes,” Christophorides continued. The report concluded that the resale market reveals trends that may be obscured by headline figures covering all property types, with houses gaining a larger share of transactions, substantial differences in median values between districts and a significant proportion of existing homes built before 2000. For buyers and investors, Landbank Analytics said, the most meaningful opportunities emerge from analysing comparable properties in specific local markets, rather than drawing conclusions from a single national average.