New home sales in Cyprus fell 42% in the second quarter to 1,317 transactions

In the second quarter of 2026, 1,317 new apartments and houses worth €400 million were sold in Cyprus — 42% fewer than in the first quarter. The data comes from Landbank Analytics, which counts transactions based on sale contracts submitted to the Department of Lands and Surveys.

From January to June, the market for homes under construction and in development recorded 3,594 transactions worth €1.15 billion. The average transaction value for the six-month period was €319,618, while the median was €232,500. The gap between the two figures was driven by several particularly expensive purchases.

The first quarter ended with 2,277 transactions worth €749 million, at an average price of €328,000. In the second quarter, the market recorded 960 fewer sales, while the average price fell by 8% to €303,000. By month, the figures were as follows: 763 transactions in January, 764 in February, 750 in March, followed by 529 in April, 354 in May and 434 in June.

The decline affected all districts, but to varying degrees. Limassol saw the sharpest drop, at 51%. In Paphos and the government-controlled part of Famagusta, the decline reached 49%; in Larnaca, 45%; and in Nicosia, 25%. At the same time, the average price in Nicosia rose by 9% to €230,000, while in Limassol it fell by 14% to €374,000.

For the six-month period as a whole, Nicosia ranked first by number of transactions, with 1,063 — just 13 more than Limassol. Limassol, however, accounted for €435 million, or almost 38% of the entire Cyprus market. Paphos had the highest prices: across 497 transactions, the average price there was €519,000. Larnaca was the most stable in terms of value, with an average price of €212,000 in the first quarter compared with €211,000 in the second.

Apartments accounted for 82.8% of transactions, while 83% of purchases involved homes priced below €400,000. Landbank Group CEO Andreas Christophoridis described the situation as a multi-speed market and said that the bulk of transactions continues to serve genuine housing and investment needs. The second half of the year will show whether the decline after March was a temporary correction or the beginning of a prolonged downturn.