Recent data from the Central Bank of Cyprus reveals that property prices have risen back to 2012 levels, just before the banking crisis. The apartment price index for the third quarter of 2024 has reached a historic high of 113 points, up from 112.3 in the previous quarter, surpassing the prior peak of 105.8 points recorded in late 2008. The index had significantly declined from 2010, hitting a low of 70.7 points in early 2016.
By the end of 2021, the index climbed to 85.9 points but remained below the previous highs. It continued to rise, hitting 97.3 points by the end of 2022 and 103.9 points by the third quarter of 2023. However, the latest report indicates a slowdown in the increase of apartment prices, with their growth rate trailing behind that of house prices.
District trends in apartment prices show variations as follows:
- Limassol: The index reached 138.2 points in the third quarter of 2024, an increase from 136.4 in the previous quarter, with prices rising steadily since 2019.
- Nicosia: The index was at 95.5 points, slightly up from 95 but still under the 100-point mark from 2010.
- Larnaca: The third-quarter index stood at 106.5 points, noticeably lower than the 136.4 seen in the second quarter.
- Paphos: The index increased to 108.6 points from 106.4, marking its highest recorded point.
- Famagusta: The index increased to 85.5 points from 85 in the previous quarter.
Regarding the house price index by district:
The overall index for Cyprus stood at 90.8 points in the third quarter of 2024, increasing from 89.7 in the second quarter and reflecting levels comparable to those in 2012. The highest peak was 108.9 points in the third quarter of 2008.
- Limassol: The index reached 112.7 points, the highest among all areas.
- Nicosia: It was reported at 86.1 points, slightly less than the 87.8 points in 2013.
- Larnaca: The index hit 90.6 points, just below the 2011 level of 94.4.
- Paphos: The index rose to 101.6 points, nearing levels seen in 2011.
- Famagusta: The index grew to 91.8 points, approaching its peak of 94.4 from 2011.
In summary, property prices in Cyprus have largely regained their pre-crisis levels, although the recent growth has notably slowed down.