How Much Have Cyprus Property Prices Risen in the Past Ten Years?
Cyprus property prices have risen sharply over the past decade, with apartment prices in some regions more than doubling, according to central bank data analysed by Philenews.
The apartment price index reached 118.2 points in the second quarter of 2025, exceeding the previous record of 105.8 points set in the fourth quarter of 2008, when the property bubble that contributed to the 2013 banking crisis was forming.
Property prices now stand 44% above their low point recorded in 2006. The housing price index fell to 73.4 points in 2013 and 77.8 points in 2014 following Cyprus’s financial crisis.
The rise in prices has been driven by the limited supply of new homes, improved incomes for certain categories, and increased demand from abroad. This has revitalised construction activity, although it has not been sufficient to meet existing demand, according to the analysis.
New property prices have also increased sharply due to higher building material costs, combined with strong demand from both domestic and foreign buyers.
Apartment Prices by District
Regional differences across Cyprus are significant:
Limassol recorded the highest apartment price index at 143 points in Q2 2025, representing a 93% increase over the past decade. The district has shown a consistent upward trend since 2019, following declines between 2014 and 2017.
Nicosia recorded an apartment price index of 97.4 points, which remains 2% below its 2010 peak.
Larnaca reached 113.6 points, reflecting a 101% increase over ten years.
Paphos recorded 114.9 points, nearly doubling with a 98.81% increase over the decade.
Famagusta district showed more moderate growth, with an index of 88.8 points, representing a 48.2% rise over ten years.
House Prices in Cyprus
House prices have increased less sharply than apartment prices. The national house price index stands at 92.7 points, representing a 24% increase over the past decade.
Paphos recorded the highest house price index at 106.5 points, an increase of 33.12% over ten years.
Nicosia recorded the smallest increase, with a house price index of 79.7 points, just 5.54% higher than a decade ago.
Cyprus in the European Context
The trend in Cyprus aligns with broader European patterns. According to Eurostat, housing prices increased by an average of 5.1% across the eurozone and 5.4% across the European Union in Q2 2025.
Portugal recorded the highest annual increase at 17.2%, followed by Bulgaria (15.5%) and Hungary (15.1%). Finland was the only EU country to record a decline, at -1.3%.