Cyprus Property Price Index New-Build vs Resale

The New-Build and Resale Markets Have Separated

CYSTAT publishes the House Price Index as an overall figure and as two sub-indices: new dwellings and existing dwellings. Both are rebased to 2015 = 100. The two series began the period at the same level and have moved apart in almost every year since.

Source: CYSTAT, House Price Index 2015–2024, published December 2025. Percentage changes calculated by Cyprus Gate from the published index values. Period covered: Q1 2015 to Q4 2024.

What this shows. At the end of 2024 the new-dwelling index stood 32.1% above the existing-dwelling index. In 2015 the two were level. The new-dwelling series is also markedly more volatile: it fell in 2021 and again in 2024, while the existing-dwelling series rose in almost every year of the period.

This index measures price movement. It does not measure value. New-build and resale properties differ in build specification, energy performance, warranty cover, title deed status, immediate availability and renovation requirement, none of which appear in a price index.

Median Price per Square Metre by District

CYSTAT publishes the median achieved price per square metre of residential dwellings for each district. These are medians of recorded transactions, not asking prices.

Source: CYSTAT, House Price Index 2015–2024, published December 2025. Percentage changes calculated by Cyprus Gate from the published figures. Famagusta refers to the areas of the district under the effective control of the Republic. Period covered: calendar years 2015 to 2024.

What this shows. Limassol recorded both the highest median price per square metre and the largest increase across the decade, at 70.1%. Larnaca recorded the second-largest increase at 56.9%, from the lowest 2015 base of the five districts. Paphos recorded price falls until 2022 before a sharp recovery, ending the period 27.8% above 2015. Nicosia recorded the smallest increase at 20.1%.

In 2024 the fastest annual movement was in Paphos at 15.5%, followed by Larnaca at 13.4%. Limassol recorded 6.7%, having risen fastest in the two preceding years.

Who Is Buying, and Why the Buyer-Origin Figures Are Misread

CYSTAT publishes the split between Cypriot and foreign purchasers of residential dwellings by district, and separately reports that foreign buyers pay more per square metre than Cypriot buyers at national level, for both apartments and houses, with the gap widening across the decade.

That second finding is frequently quoted as evidence that foreign buyers are overcharged. The data does not support that reading, and the reason is worth understanding before you rely on any per-square-metre figure.

Source: CYSTAT, House Price Index 2015–2024, published December 2025. Period covered: calendar year 2024.

What the national gap is actually measuring

A national comparison of price per square metre between two groups of buyers only measures a like-for-like difference if both groups buy comparable property. They do not. At least four differences in what is bought sit inside the national figure:

• Property age. New dwellings traded 32.1% above existing dwellings on the index at the end of 2024. Any group that buys proportionally more new-build will show a higher price per square metre for that reason alone.
• Location within a district. District medians conceal very wide internal ranges. A coastal or marina-adjacent unit and an inland village property in the same district sit far apart in price per square metre.
• Unit size. Smaller units generally carry a higher price per square metre than larger ones of comparable specification.
• District mix. Purchases by foreign buyers are concentrated in the coastal districts; Nicosia is almost entirely a domestic market.

How much district mix explains. The last of these can be tested against the published figures. Weighting each district's 2024 median by that district's recorded sales volume and by its buyer-origin split produces an implied €2,235 per square metre on a foreign-weighted basis against €2,166 on a Cypriot-weighted basis : a difference of approximately 3%.

District choice therefore accounts for only a small part of the national gap. The rest must arise from differences within districts: property age, location within the district, and unit size. This calculation assumes each group buys at its district's median, which is itself a simplification. It is shown to indicate the scale of one factor, not to isolate it.

The composition itself is the point

Foreign buyers are not distributed randomly across the Cypriot market. They are concentrated in coastal districts and, on the evidence of the sales data, in the newer end of the stock. That concentration is not accidental: it reflects how property is marketed to buyers arriving from abroad, which developments carry international sales channels, and which routes are available to non-EU purchasers.

A buyer arriving from outside Cyprus is, by default, shown the segment of the market that is both the most expensive per square metre and the fastest-moving. That is a structural feature of how the market presents itself, not a judgement about any individual property in it.

Why Published Cyprus Price Figures Disagree

A buyer researching Cyprus will encounter national average figures ranging from roughly €2,400 to €3,856 per square metre, published within weeks of each other in 2026. Each can be presented as correct, because they measure different things.

Basis descriptions compiled by Cyprus Gate from the stated methodologies of the sources concerned.

Which figure applies to a buyer. A median of achieved prices describes what the market has paid. An asking-price average describes what sellers hope to receive. The difference between them is not an error in either figure. It reflects the negotiating range, plus the effect of unsold stock remaining listed.

Reading the Figures: Three Worked Examples

Published Price Expectations

This section reports price expectations published by other institutions. It does not contain a Cyprus Gate forecast.

The Central Bank of Cyprus has noted that the European Commission's short-term property price expectations index for Cyprus eased through much of 2025, indicating lower expectations of further price increases, with any slowdown anticipated to be gradual rather than abrupt.

Methodology and Sources

Where the figures come from

What Cyprus Gate calculates, and what is quoted directly

Index values, median prices per square metre, sales volumes and buyer-origin percentages are quoted as published. They are not adjusted.

The following are calculated by Cyprus Gate from those published figures, and can be reproduced from the tables above:

• All percentage changes between periods, including the headline figures of 71.0% and 26.1%
• The index-point gap between the new-dwelling and existing-dwelling series, and the 32.1% difference between them at Q4 2024
• The district-mix calculation in Section 03, which weights each district's 2024 median by that district's recorded sales volume and by its buyer-origin split

Where a figure is calculated rather than quoted, the note beneath the relevant table says so.

Medians, not averages

The district figures on this page are medians: half of recorded transactions fell above the figure and half below. Medians are less sensitive than averages to a small number of very high-value sales, which is why they sit below most commercially published averages for the same market.

A median is a description of a distribution. It is not a price, and it is not a valuation of any individual property.

Achieved prices, not asking prices

Official statistics are compiled from recorded transactions. Figures published by property portals are generally derived from current listings, which are asking prices, and which over-represent stock that has not sold. The two are not comparable and should not be averaged together.

Rebasing

The House Price Index is expressed with 2015 = 100. An index value of 165.53 means the series stood 65.53% above its 2015 average, not that any property costs that amount. Index values from series with different base years cannot be compared directly.

Coverage

All figures relate to the areas of the Republic of Cyprus under the effective control of the government of the Republic. Data for Famagusta district covers only those areas.

Revisions and lag

Official series are revised. CYSTAT revised the House Price Index prior to the December 2025 publication used here. Where a figure on this page changes following a revision, the update date at the top of the page changes with it, and the previous figure is not retained. Because the two sources publish on different cycles, this page will at most times carry figures covering different periods; each table states which.

Corrections

If you believe a figure on this page is wrong, write to info@cyprus-gate.com with the table and the source. Corrections are made on the page and noted in the update line.