Property prices and rentals Outlook 2024

The prices of apartments and houses are not expected to decrease in 2024, and rental prices are also unlikely to decline. However, there are cities that will be exceptions to this general trend.

According to data presented by Phileleftheros from Danos and Associates office (prices vary based on location, view, age, and other specific characteristics and specifications of the properties. They are relative and not absolute), in Nicosia, the selling prices of apartments and houses are expected to remain at €3,000 to €4,500 per square meter, as they were in 2023 and the previous two years.

In the Famagusta district, the average selling price of apartments and houses is calculated at the same levels as in 2023, ranging from €3,000 to €4,000 per square meter. It is noted that this price has remained unchanged since 2020.

In Limassol, the estimates from Danos office suggest that in 2024, the selling prices of apartments and houses will be €4,000 to €5,500 per square meter, similar to 2023.

Comparing prices with previous years, significant changes are evident.

For example, in 2020 and 2021, the selling price per square meter was €3,500 to €6,000, while in 2022, it was €3,500 to €5,000. The two cities expected to see an increase in selling prices of apartments and houses are Larnaca and Paphos.

For Larnaca, the estimates indicate that the sale per square meter in 2024 will be €3,500 to €4,000, up from €2,500 to €3,500 in 2023.

In Paphos, it is estimated that the selling price of apartments and houses in 2024 will be €2,500 to €3,500 per square meter, compared to €2,000 to €3,000 per square meter in 2023. As for rental prices, no major surprises are expected, although there are cities where prices will not remain stable but will increase in 2024, according to data from Danos and Associates office.