Paphos Records Cyprus’ Highest New-Build House Prices
Cyprus New-Build Property Sales Reach €1.15 Billion in the First Half of 2026
Cyprus’ new-build residential property market recorded 3,594 transactions worth €1.15 billion during the first half of 2026, highlighting continued demand for newly built homes across the island. The latest analysis by Landbank Analytics shows that while Limassol led the market in total sales value, Nicosia recorded the highest number of transactions, and Paphos remained Cyprus’ most expensive district for newly built houses.
Strong Residential Market Performance
Between January 1 and June 30, 2026, sales of apartments and houses that were either under construction or at the planning stage reached a combined value of €1.149 billion.
The average transaction value stood at €319,618, while the median selling price was €232,500. The noticeable difference between the average and median prices reflects the impact of several high-value luxury property transactions completed during the period.
Apartments Continue to Dominate
Apartments remained the driving force behind Cyprus’ off-plan residential market, accounting for 2,977 sales, or 82.8% of all new-build transactions.
These apartment sales generated €810.6 million, with an average selling price of €272,274 and a median price of €215,000.
In comparison, 617 newly built houses were sold, representing only 17.2% of all transactions. However, these properties generated €338.1 million, equal to 29.4% of the market’s total value, reflecting significantly higher selling prices than apartments.
The average selling price for a new house reached €548,049, while the median price stood at €365,000.
Most Buyers Purchased Homes Below €400,000
The data indicates that Cyprus’ new-build market continues to be driven primarily by mid-market housing.
Among the 3,594 transactions recorded:
- 528 properties were sold below €150,000
- 1,423 properties were priced between €150,000 and €250,000
- 1,031 properties sold between €250,000 and €400,000
Overall, 83% of all new-build residential sales were completed at prices below €400,000, demonstrating that the majority of buyers continue to focus on affordable and mid-priced properties.
At the premium end of the market:
- 458 properties sold for €400,000–€750,000
- 51 properties sold for €750,000–€1 million
- Only 103 properties (2.9%) exceeded €1 million
Although luxury developments continue attracting interest, the market remains largely supported by genuine residential demand and investment in mid-priced homes.
Nicosia Leads in Transaction Volume
Nicosia recorded the highest number of new-build residential sales during the first half of 2026, with 1,063 transactions worth a combined €232.9 million.
The district reported:
- Average transaction value: €219,108
- Median selling price: €185,000
Apartment sales accounted for 894 transactions, with a median price of €175,000, while 169 houses were sold at a median price of €285,000.
The most active municipalities included:
- Lakatamia – 200 sales
- Strovolos – 183 sales
- Latsia – 132 sales
- Engomi – 100 sales
- Aglantzia – 95 sales
The figures suggest that Nicosia’s residential market continues to be driven mainly by local buyers seeking affordable and mid-priced housing.
Limassol Generates the Highest Sales Value
Limassol remained Cyprus’ largest new-build property market by value.
The district recorded 1,050 transactions with a combined sales value of €435 million, representing 37.9% of the island’s total market value despite accounting for 29.2% of total transactions.
Market indicators included:
- Average transaction value: €414,307
- Median selling price: €302,910
Apartment sales reached 895 units, while 155 newly built houses changed hands.
Among Limassol’s municipalities, Limassol Municipality recorded the highest activity with 384 transactions, followed by Agios Athanasios (148) and Germasogeia (132).
Germasogeia remained one of Cyprus’ most premium residential areas, with a median transaction price of €472,500.
Larnaca Continues Strong Apartment Growth
Larnaca registered 883 new-build residential sales worth €187.6 million during the first half of 2026.
The district remained one of Cyprus’ more affordable markets, recording:
- Average selling price: €212,417
- Median selling price: €190,000
Apartments represented 90% of all transactions, highlighting continued demand from both homeowners and property investors.
The busiest locations included:
- Aradippou – 270 sales
- Larnaca Municipality – 215 sales
- Livadia – 214 sales
Together, these three areas accounted for almost 80% of all new-build transactions in the district.
Paphos Remains Cyprus’ Premium House Market
Paphos continued to command the island’s highest prices for newly built houses.
The district recorded 497 new-build residential transactions worth €258.2 million, with:
- Average transaction value: €519,493
- Median selling price: €360,000 — the highest among all five districts.
Apartment sales reached 333 units, with a median price of €302,500.
Meanwhile, 164 newly built houses were sold at a median price of €570,000, making Paphos the most expensive market for detached homes in Cyprus.
While the average house price was influenced by a single €13 million transaction, the median price offers a more accurate reflection of prevailing market conditions.
Paphos Municipality recorded 205 transactions, followed by Geroskipou (110) and Peyia (52). Notably, Peyia reported a median transaction value of €789,000, reflecting strong demand for luxury villas and high-specification holiday homes.
Famagusta Records Smaller but Stable Activity
The free areas of Famagusta completed 101 new-build residential transactions worth €35 million.
The district recorded:
- Average transaction value: €346,727
- Median selling price: €225,000
Apartments accounted for 60 sales, while 41 houses were sold, with house prices reaching a median of €395,000.
Paralimni remained the district’s most active municipality.
Market Outlook
Commenting on the report, Andreas Christophorides, Chief Executive Officer of Landbank Group, said Cyprus’ residential property market continues to evolve differently across each district.
He noted that Nicosia and Larnaca remain primarily driven by affordable and mid-priced apartment developments, while Limassol leads the country in total transaction value and Paphos continues to dominate the high-end house market.
Christophorides also emphasized that 83% of all new-build residential transactions were completed below €400,000, confirming that the core of Cyprus’ housing market continues to serve genuine residential demand alongside long-term investment.
He added that the significant differences between districts highlight the importance of accurate local market data, enabling buyers, investors and developers to make well-informed decisions based on the unique dynamics of each region.