Cyprus apartment prices have broken all historical records, surpassing even the peak of the 2008 property bubble, according to Central Bank data analysed by Phileleftheros.
The apartment price index reached 123.9 units in the fourth quarter of 2025, up from 112.3 units in the same period of 2024 — an annual increase of 10.32%. The index now stands 60% above its 2006 low and 74.5% higher than in 2015. By comparison, the index fell to 73.4 units in 2013 and 77.8 units in 2014 in the wake of Cyprus’s financial crisis.
Limassol recorded the sharpest rise of any district, with its apartment price index hitting 150.1 units in Q4 2025 — an all-time high and an increase of 102.7% over ten years. The index has been on a steady upward trajectory in the city since 2019. Larnaca was close behind at 150 units, also up 102% over a decade. Paphos stood at 126.5 units, a ten-year rise of 97.04%, while Nicosia reached 99 units — matching its 2010 high — with a more modest ten-year increase of 29.24%. Famagusta recorded the lowest index at 81.9 units, up 38.5% over ten years.
House prices tell a similar story. The national house price index stood at 94.2 units in Q4 2025, up 24.60% over a decade. Limassol led at 107 units, a ten-year rise of 38.60%, followed by Paphos at 108 units (up 36.19%), Famagusta at 95.9 units (up 33.56%), Larnaca at 88.9 units (up 23.64%) and Nicosia at 80.1 units — the lowest district increase at 5.67% over ten years.
The Central Bank attributes the surge to a combination of constrained housing supply, rising demand from both local and foreign buyers, and the appreciation of construction materials. It also points to the ECB’s gradual easing of monetary policy from mid-2024, with interest rates falling below the eurozone median from May 2025, boosting mortgage lending. “Interest rates converged with the eurozone median and, from May 2025, have been consistently below it, further strengthening credit expansion in the housing loan sector,” the Central Bank said, adding that demand for owner-occupation, investment purchases, short-term rentals, and growth in tourism and third-level education had all contributed to sustained activity in the property market.
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