Cyprus: Million-Euro Property Market Accelerates as Nicosia “Overtakes” Limassol

High-end real estate transactions in Cyprus reached €75.7 million in May 2025, marking a strong rebound from April — with the capital city of Nicosia unexpectedly taking the national lead, according to data from real estate analytics firm Ask Wire.

Data from the Department of Lands and Surveys revealed that the 10 most expensive transactions across the country totaled €38.8 million, with the highest deal being the sale of a plot in Engomi, Nicosia, for €12.5 million.

While Limassol — traditionally the top destination for luxury real estate — still recorded five of the top ten deals, Nicosia and Paphos each logged two, and Larnaca contributed one.

By district, Nicosia dominated with €23.8 million from its top 10 transactions, accounting for 31.4% of the national total. Limassol followed with €20.9 million (27.6%), Paphos with €16.1 million (21.2%), Larnaca with €10.5 million (13.8%), and Famagusta with €4.5 million (6%).

The most expensive transactions in each district included:

• Nicosia: a plot in Engomi – €12.5 million

• Paphos: a house in Kato Paphos – €7 million

• Limassol: a property in Katholiki – €2.85 million

• Larnaca: a field in Agios Nikolaos – €2.25 million

• Famagusta: a field – €1.2 million

Notably, six of May’s ten most valuable transactions were residential homes. The list also included one plot, two other property types, and one agricultural field.

Nationwide, 22 of the 50 largest transactions involved houses, underlining the strong demand for residential properties in Cyprus’s high-end market.

Pavlos Loizou, CEO of Ask Wire, noted that May was the second-best performing month of 2025 for high-value real estate deals, following March.

He emphasized: “Half of the top 50 transactions were above €1 million, reflecting increased activity across all districts.”

He concluded: “Houses were a defining feature of May’s data — with six of the top 10 deals involving residential property, and 22 house sales recorded in the top 50 overall. This points to sustained demand and long-term value in Cyprus’s residential real estate sector.”

Nicosia Takes the Lead – A One-Off Surprise or a Strategic Shift?

One of the biggest surprises in May was Nicosia — a city not usually associated with million-euro deals — taking the lead nationwide.

This outcome was largely driven by a few exceptionally high-value transactions in central areas like Engomi, suggesting that demand for prime urban real estate in the capital remains strong. As Cyprus’s administrative, educational, and medical hub, Nicosia offers year-round stability and is increasingly attractive to investors seeking properties with long-term usability and real-world utility.

Meanwhile, coastal cities like Limassol and Paphos continue to record strong volumes of activity, maintaining their status in the luxury and lifestyle-driven segments. Their appeal lies in well-established international communities, resort infrastructure, and high-quality living environments — making them top choices for both holiday homes and permanent relocation.

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