The analysis, based on contracts of sale submitted to the Department of Lands and Surveys, showed a notable increase in demand for off-plan and under-construction homes. Between January and March, 1,368 contracts were filed for new apartments and houses, marking a 24.8 per cent rise year-on-year. The total transaction value climbed to €391 million, compared with €299 million in the same period of 2024. The report showed that apartments accounted for the majority of transactions, with 1,109 units sold in Q1, up 22.7 per cent from a year earlier. These sales generated €272m, a 23.1 per cent increase. House sales, however, saw the sharpest growth. A total of 259 units were sold, up 34.9 per cent, with the value rising by 52.6 per cent to €119m.

In Nicosia, apartment sales reached 376 units, up 17.5 per cent, while transaction value rose by 18 per cent to €72m. House sales in the capital grew 7.8 per cent, with their value climbing to €20m, up 25 per cent on the year. Limassol retained the largest share in value terms. Apartment sales rose by 5.8 per cent to 311 units, but the value jumped 19.6 per cent to €116m, accounting for 42 per cent of Cyprus-wide apartment transaction value. House sales rose by 6 per cent, while the total value remained steady at €22m. Larnaca recorded the strongest growth across all districts. Apartment sales surged by 66.3 per cent to 321 units, reaching a value of €60m. House sales increased by 77.1 per cent to 62 units, with total value more than doubling to €24m, up 118.2 per cent compared to Q1 2024. What is more, Paphos also posted robust figures. Apartment sales rose 33.3 per cent to 84 units, while house sales increased 58.1 per cent to 68 units. In value terms, apartments generated €24m, 20 per cent higher year-on-year, while house sales reached €47m, marking an 88 per cent increase and expanding the district’s share of national house sale value from 32 to 40 per cent. Famagusta showed diverging trends. Apartment sales dropped by 50 per cent to 17 units, with their total value falling 57.1 per cent to €3m. However, house sales rose by 61.5 per cent to 21 units, with value up 50 per cent to €6m.

Landbank Group CEO Andreas Christophorides said the market was showing resilience, supported in part by the gradual easing of interest rates. “Nationwide, apartment sales rose by nearly 23 per cent and their value by a similar margin,” he said. “But the most striking trend is the rise in new house sales, up 35 per cent in volume and over 52 per cent in value compared to Q1 last year.” He noted that district-level dynamics were shifting. “Larnaca is emerging as one of the most dynamic regions,” he said, citing dramatic increases in both unit sales and transaction value. These, he added, pointed to strong demand and growing investor interest in the city of Zenon.

Christophorides said Nicosia remained attractive to both investors and private buyers seeking centrally located properties, while Limassol continued to show strong performance, living up to its reputation as a premium investment hub. “In Paphos, we’re seeing particularly strong momentum in the house segment,” he said, “driven largely by foreign buyers interested in high-value homes.” On Famagusta, he suggested the shift from apartments to houses could indicate “a seasonal or structural change in demand, possibly linked to the region’s strong tourism profile.”

Source: Cyprus Mail