Annual property prices in Cyprus grew in specific segments in the fourth quarter of last year, with apartment values rising by 1.3% and holiday apartments by 0.9%, according to a survey by Ask Wire.
The island’s leading real estate analytics platform found that other property categories recorded declines: warehouses fell by 2.3%, retail spaces by 1.7%, and houses, offices and holiday villas by 0.3%, 0.2% and 0.6%, respectively, reflecting a shifting demand landscape.
“Demand for apartments remains healthy, supported by resilience in tourism, which is set for a record year in 2025,” said Pavlos Loizou, CEO of Ask Wire.
On a quarterly basis, retail prices dropped by 0.9%, warehouses by 0.5% and holiday villas by 0.2%, whilst offices and houses rose by 0.2%, and apartments by 0.6%. Holiday apartments remained stable.
District-wide, prices decreased across Cyprus, with Larnaca remaining relatively stable, according to Ask Wire.
Rental values saw a similarly mixed picture.
Compared to Q4 2023, apartment rental values increased by 1.5% and holiday apartments by 1.1%, due to continuing demand, while other areas showed declines: warehouses and retail spaces fell by 2.0%, houses by 0.8%, and offices by 0.6%.
Holiday house rental values remained steady over the past year, the Ask Wire survey said.
On a quarterly basis, rents for holiday apartments increased by 1.1% and apartments by 0.2%, with houses, warehouses and offices stable.
Rental values across districts remained the same, except for Nicosia and Limassol who experienced notable decreases in apartment rents, unlike Paphos with almost 5% increase in apartment rents.
Ask Wire’s Pavlos Loizou added that new housing supply is beginning to ease pressure on residential prices and rents, offering relief to a market that has faced rapid growth in recent years.
“While challenges like high mortgage rates and elevated construction costs persist, they are tempering demand selectively rather than broadly. Overall, the market is stabilising, with opportunities emerging in segments driven by both tourism and sustained local demand,” Loizou concluded.
For a breakdown of movements in sale and rental values by district, visit https://ask-wire.com/insights/.
Across Cyprus: Quarterly percentage change (Q3 2024 with Q4 2024)
| Property Type | Prices | Rents |
| Apartments | 0.6% | 0.2% |
| Houses | 0.2% | 0.0% |
| Commercial | -0.9% | -1.3% |
| Warehouses | -0.5% | 0.0% |
| Office spaces | 0.2% | 0.0% |
| Holiday apartments | 0.0% | 1.1% |
| Holiday houses | -0.2% | 0.0% |
Source: Ask Wire
Across Cyprus: Annual percentage change (Q4 2023 with Q4 2024)
| Property Type | Prices | Rents |
| Apartments | 1.3% | 1.5% |
| Houses | -0.3% | -0.8% |
| Commercial | -1.7% | -2.0% |
| Warehouses | -2.3% | -2.0% |
| Office spaces | -0.2% | -0.6% |
| Holiday apartments | 0.9% | 1.1% |
| Holiday houses | -0.6% | 0.0% |
Source: Ask Wire
