Nicosia recorded 7,911 registered real estate transactions in 2025, more than any other district, while residential prices have risen less than the rate of inflation since 2020. This is the key finding of the analysis “Nicosia Real Estate Market 2026,” presented by G&P Lazarou Estate Agents on Tuesday, October 20, 2026, to development companies, at its headquarters at 174 Athalassa Avenue in Strovolos.
The analysis was presented by Andreas Markides, ACA, Head of Investments at G&P Lazarou, using transaction data from AskWire, the Land Registry, the Central Bank, KYSTAT, and public real estate listings.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
KEY FINDINGS
Nicosia has grown in volume thanks to newly built apartments, with low entry prices and local demand.
2020–2025
- Transactions: 7,911 registrations in 2025, ranking first among districts (Limassol: 7,715): +10.4% from 2024 and +42% from 2020. Limassol remains first in value: average value per registration is €161,000 in Nicosia, compared to €363,000
- Newly built apartments: sales up 150% from 2020 (799 → 1,999), while resales remained nearly stable.
- Houses: sales up 58% (763 → 1,204), with an average declared value of €238,000, unchanged from 2020.
- Plots of land: median price of €265 per buildable square meter, −5% from 2020, while in Limassol, Larnaca, and Paphos, prices rose by approximately 36%.
- Offices: 88 of the 160 office sales in Cyprus in 2025 were in Nicosia (55%).
- Prices: 87% of apartment and house sales were below €300,000 (Cyprus: 72%). Housing prices rose 10% from 2020, compared to 18.5% inflation and a 35% increase in the cost of construction materials.
2026
- Buyers: 84% of sales contracts in Nicosia (Jan–Jul 2026) were signed by Cypriots. Foreigners account for the lowest share in Cyprus, at 16% (Paphos: 69.8%).
- Financing: The average interest rate on all new mortgages was 3.24% in July (Eurozone: 3.54%), and the ECB raised the deposit rate twice, to 2.50%. New mortgage lending increased by 22% from January through October 2025.
- Transactions: 92 contract registrations from January through August 2026, compared to 61 for all of 2025.
- Inventory: 8,368 listings for sale, valued at €2.9 billion, across five portfolios (G&P Lazarou, REMU, GoGordian, Altia, Altamira) as of October 16, 2026. The four institutional investors hold 1,557 listings valued at €539 million, 65% of which are land.
- Absorption: As an indication, the available inventory corresponds to approximately 11.5 months of transactions for apartments and approximately 21 months for land lots. 57% of G&P’s land listings have been on the market for more than three years, compared to 14% of apartments.
“Nicosia has grown in volume, but its prices have risen less than inflation. It is Cyprus’s most local market: it depends on Cypriots’ incomes and loans, not on foreign capital. That’s why the question for 2027 isn’t about prices, but whether the market can absorb what’s coming,” said Andreas Markides, ACA, Chief Investment Officer at G&P Lazarou.
“We’re bringing to the table data that’s rarely compiled in one place: transactions, inventory, and our own records. We want decisions in the Nicosia market to be based on numbers, not impressions,” said Petros Lazarou, founder and CEO of G&P Lazarou Estate Agents.
2027: THE ABSORPTION QUESTION
The analysis does not provide price forecasts. It identifies four key questions that will shape the year:
- Supply: The number of residential units covered by building permits in Cyprus increased by 43% in 2025 and by 68% in the first half of 2026. Institutional land in Nicosia, valued at approximately €350 million, consists mainly of farmland.
- Costs: Construction materials have risen in price by 35% since 2020, and 38% of construction companies cite the labor force as their main constraint.
- Financing: With interest rates rising again, the Cypriot buyer market relies on bank loans.
- Demand: Sales in Nicosia rose 5.6% from January to August 2026, the lowest rate among the districts (Cyprus +13.7%).
DATA SOURCES
Transactions: AskWire (2020–2025 and Jan–Aug 2026); “records” refer to transaction entries, not unique properties. Housing prices and interest rates: Central Bank of Cyprus and ECB. Inflation, construction material costs, and building permits: KYSTAT and Eurostat. Buyers and sellers: Land Registry, via BuySell. Inventory: public listings by G&P Lazarou, REMU, GoGordian, Altia, and Altamira as of October 16, 2026, at asking prices rather than appraised values.
