Cyprus apartment prices reach record highs in early 2026

According to Central Bank of Cyprus data, apartment prices reached an index of 127 units in the first quarter of 2026, marking an 11.4% annual increase from 114.4 units in Q1 2025. This figure surpasses the previous peak observed during the 2008 property bubble and represents a 78.87% rise since 2015. In comparison, house prices experienced a much more modest growth of 1.93% annually, reaching 95.6 units. Experts attribute the apartment price surge to constrained supply, increased domestic and foreign demand, and rising construction costs. Geographically, Limassol recorded the highest number of sales contracts at 1,499, followed by Nicosia with 1,065, Larnaca with 994, Paphos with 919, and Famagusta with 232. Domestic buyers currently account for 84% of all property transactions. Historical data shows the market is significantly higher than the 2006 lows, recovering from the post-2013 economic crisis when indices fell to 74.7 units in 2014.