Nicosia recorded more property transactions in 2025 than any other district in Cyprus. Over the same period, home prices in the capital rose by less than inflation. These two facts sit at the heart of “Nicosia Property Market 2026”, the market analysis presented by G&P Lazarou Estate Agents on Tuesday 20 October 2026 at our head office, Nicosia Office, Athalassas Avenue 174, 2025 Strovolos, to property developers.
The analysis was presented by Andreas Markides, ACA, Head of Investments at G&P Lazarou. It brings together transaction data from AskWire, official figures from the Department of Lands and Surveys, the Central Bank of Cyprus, the Statistical Service (CYSTAT) and Eurostat, and a count of properties currently listed for sale in Nicosia.
Here are the main findings:
2020–2025: a market that grew in volume, not in price
Nicosia recorded 7,911 transaction registrations in 2025. That figure was ahead of Limassol’s 7,715, 10.4% higher than in 2024 and 42% higher than in 2020. Limassol still leads by value, though. The average value per registration in Nicosia was about €161,000, compared with roughly €363,000 in Limassol.
New-build apartments drove much of this growth. Sales rose from 799 in 2020 to 1,999 in 2025, an increase of 150%, while resales stayed almost flat. House sales also grew strongly, from 763 to 1,204. Yet the average declared value of a house in 2025, around €238,000, was the same as in 2020.
Nicosia is also the most affordable of the major markets. In 2025, 87% of apartment and house sales in the district were below €300,000, compared with 72% across Cyprus.
Prices did rise, but slowly. Home prices in Nicosia increased by about 10% since 2020, while consumer prices rose 18.5% and construction materials around 35%. In real terms, that leaves Nicosia home prices roughly 7% lower than in 2020.
The picture varies by area. Typical resale apartment prices per weighted square metre rose by about 20% in Lakatamia and 18% in Engomi, but less than 2% in Strovolos.
Land stands out. The median price of plots in Nicosia was about €265 per buildable square metre in 2025, around 5% lower than in 2020. In Limassol, Larnaca and Paphos, the equivalent figure rose by roughly 36%.
Nicosia also leads the island’s office market by number of sales. In 2025, 88 of the 160 office sales in Cyprus, or 55%, were in Nicosia.
2026: local buyers and more expensive money
Activity has paused rather than reversed. Registrations in Nicosia from January to August 2026 were 3.4% lower than a year earlier. Sales contracts deposited with the Land Registry still rose 5.6%, although that was the slowest growth of any district (Cyprus overall: +13.7%).
Nicosia is the most local market on the island. From January to July 2026, 84% of sales contracts in the district were signed by Cypriot buyers. Foreign buyers accounted for under 16%, compared with almost 70% in Paphos. Demand in the capital therefore depends mainly on local incomes and bank lending.
That makes financing a key variable. The average rate on new housing loans in Cyprus was 3.24% in July 2026, below the eurozone average of 3.54%. After two increases by the European Central Bank this year, the deposit rate stands at 2.50%. Bank lending criteria, however, remained unchanged in the second quarter of 2026.
Development activity is picking up again. In the first eight months of 2026, 92 land-for-development (antiparochi) contracts were registered in Nicosia, compared with 61 in the whole of 2025.
What is available today
On 16 October 2026, the analysis counted 8,368 properties listed for sale in Nicosia across five portfolios: G&P Lazarou, REMU, Altia, Altamira and GoGordian. Their combined asking value was around €2.9 billion.
The four institutional portfolios held 1,557 listings worth about €539 million. Around 65% of that value is land, mostly fields rather than ready-to-build plots, and only 44 listings are apartments. Most modern apartments on the market today are new builds.
Comparing current stock with monthly transactions in 2025 gives an indication of how quickly the market could absorb it. The figure is roughly 11.5 months for apartments, around 8 months for houses and about 21 months for plots.
What they said
“Nicosia has grown in volume, but its prices have risen by less than inflation. It is the most local market in Cyprus: it depends on the incomes and borrowing of Cypriot buyers, not on foreign capital. That is why the question for 2027 is not prices, but whether the market can absorb what is coming,” said Andreas Markides, ACA, Head of Investments at G&P Lazarou.
“We are bringing to the table data that is rarely found in one place: transactions, available stock and our own listings. We want decisions in the Nicosia market to be based on numbers, not impressions,” said Petros Lazarou, Founder and Managing Director of G&P Lazarou Estate Agents.
2027: a question of absorption, not price
The analysis does not forecast prices. It identifies the question that will shape the year ahead: can a market of mainly local buyers absorb the new supply that is coming, at a time of higher costs and more expensive borrowing?
Supply is rising. Residential units in building permits across Cyprus increased by 43% in 2025 and 68% in the first half of 2026. Construction costs remain high, and many building companies report labour shortages as their main constraint.
G&P Lazarou is watching four indicators to see which way the market moves:
- Mortgage rates. A move towards 3% would support demand. A rise above 4% would point to a more cautious year.
- Sales contracts in Nicosia. A return to double-digit growth would be positive. An annual decline would be a warning sign.
- Absorption of new builds. Falling months of stock would be encouraging. Completed apartments remaining unsold would not.
- Institutional land. Usable plots coming to market and selling would be positive. Land selling at a discount, with plot prices falling, would point the other way.
About the data
Transaction figures are AskWire registrations, which include all transaction types and are not unique properties. Prices per square metre are medians from filtered samples and use weighted area, not internal floor area. Stock figures are public listings at asking prices on 16 October 2026, not valuations. All figures were correct as of mid-October 2026 and will change over time.
Download the full presentation “Nicosia Property Market 2026” (PDF)
To discuss what the findings mean for your property, investment or development, contact G&P Lazarou Estate Agents at +357 22 024949 or sales@gplazarou.com. For a property-specific opinion of value, see our property valuation services.