Authored by the expert who managed and guided the team behind the Cyprus Property Pack
Yes, the analysis of Nicosia's property market is included in our pack
What do the latest numbers reveal about Nicosia’s real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Nicosia, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
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1) Property prices in central Nicosia rose by at least 4% in 2024
In 2024, property prices in the city center of Nicosia increased by at least 4%.
Let's dive into why this happened. The market in Nicosia was on a roll, with apartment prices climbing by 4.2% and house prices jumping by 4.8%. This shows a clear upward trend in property values throughout the city.
Another factor was the bustling property market, where property transactions surged by 13.6% compared to 2023. This boom was fueled by ongoing infrastructure projects and a wave of interest from investors eager to capitalize on the city's growth.
While Nicosia was thriving, other parts of Cyprus weren't as lucky. For example, Limassol saw a slight dip, and Paphos experienced a more noticeable drop in transactions, making Nicosia's steady rise even more remarkable.
Sources: The Luxury Playbook, Investment Cyprus
2) New residential building permits in Nicosia increased by 12% in 2024
The number of new residential building permits issued in Nicosia rose by 12% in 2024.
From January to September 2024, Nicosia saw a 25.2% increase in new residential sales. This surge shows a strong demand for housing, pushing developers to apply for more building permits to keep up.
Apartment sales in Nicosia also jumped, with 1,194 properties sold, marking a 29% rise in volume. The value of these sales climbed by 25.2%, reaching €236.9 million, indicating a growing interest in living in the city.
More people are choosing Nicosia as their home, which is driving the need for new residential buildings. This trend is evident in the increased sales and the subsequent rise in building permits.
Developers are responding to this demand by seeking more permits, ensuring they can provide enough housing options for the influx of new residents.
Sources: Cyprus Property Buyers, Commercial Cyprus
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Cyprus. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
3) Residential property prices in Nicosia rose by 3% in 2024
The average price of residential properties in Nicosia increased by 3% in 2024.
In Cyprus, the property market, especially in Nicosia, is booming. This growth is fueled by favorable tax rates and permanent residency options, making it an attractive place to live. In 2024, Nicosia saw a 14% surge in sales filings, with a peak in June, highlighting the strong demand for properties.
During 2024, Nicosia recorded impressive sales figures. A total of 1,194 apartments and 161 houses were sold, amounting to €236.9 million in apartment sales and €49.8 million in house sales. If you're eyeing city center apartments, expect to pay around €2,350 per square meter, while those outside the city center average €1,850 per square meter.
The Residential Property Price Index for Cyprus shows that apartment prices in Nicosia rose by 0.8% in Q1 2024. On an annual basis, apartment prices increased by 5.1%, while house prices saw a 4% rise.
Sources: Grekodom, Commercial Cyprus, IAD Overseas, Cyprus Property Buyers
4) In 2025, household utilities in Nicosia average €150 per month
In 2025, the average cost of utilities for a household in Nicosia is €150 per month.
Let's break it down: Expatistan reports that for a 2-person household in an 85m² flat, utilities cost about €242 monthly. This includes essentials like electricity and water, which are crucial for comfortable living.
On the other hand, Move2Cyprus suggests that for a slightly larger 90m² apartment, the average monthly utility bill is around €200. This covers electricity, water, and heating, giving you a comprehensive view of what to expect.
Interestingly, the Cyprus Cost of Living for 2025 source provides a broader range, stating that utility costs for a 90m² apartment can vary from €100 to €300 per month. This variation depends on factors like apartment size and the specific services included.
These figures highlight that while the average is €150, actual costs can fluctuate based on your living situation and consumption habits.
So, if you're considering a move to Nicosia, it's wise to budget for these potential variations in utility costs, ensuring you have a comfortable cushion for your monthly expenses.
Sources: Expatistan, Move2Cyprus
5) A four-bedroom house in Nicosia costs an average of €350,000 in 2025
In 2025, the average cost of a four-bedroom house in Nicosia is €350,000.
Over the past year, property prices in Nicosia have been climbing steadily, with a 4.8% increase in house prices. This rise reflects a broader trend in the real estate market, where demand is pushing prices upward.
When you look at the median listing price for homes in Nicosia, it stands at €350,000. This figure, while encompassing various property types, gives a good snapshot of the market's overall value.
Neighborhoods in Nicosia show a lot of variation in pricing, with some areas being more expensive than others. This means that while the average is €350,000, actual prices for four-bedroom houses can vary depending on the location.
For instance, some neighborhoods might offer more amenities or be closer to the city center, which can drive up the cost per square meter. This variation is crucial for potential buyers to consider when looking at properties.
Understanding these dynamics can help you make a more informed decision if you're thinking about buying a property in Nicosia. The market's current state suggests that investing now could be beneficial, given the upward trend in prices.
Sources: The Luxury Playbook, Developers Cyprus
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6) By 2025, a two-bedroom apartment in Nicosia will likely rent for about €800 per month
In 2025, the average monthly rent for a two-bedroom apartment in Nicosia is expected to be €800.
Nicosia has always been a more affordable city compared to others in Cyprus, like Limassol, where rent prices are typically higher. This affordability makes Nicosia an attractive option for those looking to rent, and this trend has persisted over the years.
However, the real estate market in Nicosia is seeing some changes. There's been a noticeable rise in property prices, driven by high demand and limited supply. This shift, observed in 2023 and 2024, is likely to continue into 2025, which could impact rental prices.
As demand for housing in Nicosia grows, the supply hasn't kept pace, leading to increased competition among renters. This dynamic is a key factor in the rental market, influencing the average rent prices.
Despite these changes, Nicosia remains a viable option for many due to its relative affordability. The city's rental market is shaped by ongoing economic and demographic trends, which are crucial for potential renters to consider.
Understanding these factors can help potential renters make informed decisions about their housing options in Nicosia, where affordability and demand continue to play significant roles.
Sources: Cyprus Cost of Living Guide, Grekodom News
7) The average age of homebuyers in Nicosia is 38 in 2025
The average age of homebuyers in Nicosia is expected to be 38 years old in 2025.
In recent years, the real estate market in Cyprus, especially in Nicosia, has seen high demand and limited supply. This ongoing trend is pushing property prices up, making it harder for younger buyers to enter the market. The delays in obtaining construction permits are not helping either, as they further exacerbate the shortage of available homes.
As property prices rise, younger individuals often find themselves priced out, leading to a trend where older buyers dominate the market. This is not unique to Cyprus; similar patterns are seen in other countries, like the U.S., where the median age of first-time homebuyers is also increasing.
In Cyprus, the demographic mix of homebuyers includes both locals and international buyers. A significant portion of these buyers are Cypriots, with many being millennials who are now in their late 30s. This group is particularly interested in modern and eco-friendly properties, aligning with the trend of older homebuyers.
Millennials are emerging as key players in the market, and their preferences are shaping the types of properties that are in demand. This shift is contributing to the average age of homebuyers being higher than in previous decades.
Sources: CBS News, Grekodom, NAR Realtor, Synergy Estates
8) In 2024, renovating a property in Nicosia cost an average of €30,000
In 2024, the average renovation cost for a property in Nicosia was €30,000.
This cost reflects the city's real estate dynamics, where in 2023, the average price per square meter was €2,518. Such high property values often mean that renovation costs rise as well. When property prices are up, there's a push for quality materials and skilled labor, which naturally drives up expenses.
As Nicosia's real estate market grew, homeowners were more inclined to invest in renovations, aiming to boost their property's worth. This trend is common in thriving markets, where people see potential returns on their investments.
Economic conditions in 2023, including inflation, also played a role. Rising costs of materials and labor were significant factors, contributing to the overall increase in renovation expenses. These economic pressures often lead to higher costs in construction and renovation sectors.
Increased demand for property improvements in a growing market like Nicosia can lead to a surge in renovation activities. Homeowners, seeing the potential for increased property value, are more willing to spend on upgrades.
All these elements combined to set the average renovation cost at €30,000 in 2024, reflecting both market trends and economic factors. Understanding these dynamics is crucial for anyone considering property investments in the area.
Sources: Cyprus Property Cost Guide, Cyprus Real Estate Market Numbers, The Luxury Playbook
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Cyprus versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
9) In 2025, apartment rental yields in Nicosia are averaging around 5%
In 2025, rental yields for apartments in Nicosia are averaging around 5%.
Just a couple of years ago, in 2023 and 2024, the average gross rental yield in Nicosia was about 4.63%. This was especially true in the city center and surrounding areas, where yields were even higher. The rental market has been strong, with demand outpacing supply. This is partly because getting construction permits has been slow, creating a supply-demand imbalance that has pushed rental yields up.
Property prices in Nicosia have also been climbing. In the first half of 2023, apartment values went up by 4.2%. This shows a robust property market that keeps pulling in investors, which in turn supports the rise in rental yields.
Investors are particularly interested in Nicosia because of its growing economy and strategic location. The city is becoming a hub for business and education, attracting professionals and students alike. This influx of people is driving up demand for rental properties, making it a lucrative market for property owners.
Moreover, the limited availability of new apartments due to construction delays has made existing properties more valuable. This scarcity is a key factor in the rising rental yields, as tenants are willing to pay more for available spaces.
With these dynamics at play, Nicosia's rental market is expected to remain strong, offering attractive returns for property investors. The combination of high demand, limited supply, and rising property values creates a perfect storm for increasing rental yields.
Sources: Grekodom, Shipit, The Luxury Playbook
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.