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2024: The Hottest Year In Human History – A Turning Point For The Planet

For the first time in recorded history, global warming breached the critical 1.5°C threshold in 2024, marking an alarming new chapter in the climate crisis. According to data from the European Earth Observation Programme Copernicus, the average surface temperature last year soared to 1.6°C above pre-industrial levels, making 2024 the warmest year ever documented.

This milestone also marked a grim first: average temperatures exceeded the targets outlined in the 2015 Paris Agreement, which aimed to cap warming at “well below” 2°C and ideally limit it to 1.5°C above pre-industrial levels. Over the past decade, from 2015 to 2024, each year has ranked among the ten hottest on record. Notably, every continental region experienced record-breaking heat in 2024—except Antarctica and Australasia.

Carlo Buontempo, director of the Copernicus program, explained to the Financial Times that last year’s unprecedented wave of climate disasters—from severe floods to scorching heatwaves—was no statistical fluke. Instead, these events were direct consequences of human-driven climate change, exacerbated by rising levels of carbon dioxide and methane.

“Reaching the 1.5°C threshold is like toppling the first domino in a catastrophic chain reaction. We’re toying with forces we can barely control. Every fraction of a degree pushes us closer to more violent storms, prolonged droughts, and increasingly lethal heatwaves,” warned Patrick McGuire, a climate expert from the University of Reading, in an interview with the FT.

While human activity remains the primary driver of these changes, the now-concluded El Niño cycle also played a role in last year’s extreme temperatures. With El Niño officially ending in June 2025 is expected to be slightly cooler, though the underlying trend of rising temperatures remains unbroken.

Adding to the urgency, 2024’s record heat coincided with a worrying global shift in climate priorities. Some businesses scaled back their sustainability initiatives, and political rhetoric in the United States under President-elect Donald Trump signaled a potential retreat from the Paris Agreement.

As the world grapples with these realities, 2024 stands as a stark reminder: the climate crisis is no longer a distant threat but a present-day emergency demanding immediate and unified global action.

Cyprus Residential Market Surpasses €2.5 Billion In 2025 With Apartments Leading the Way

Market Overview

In 2025, Cyprus’ newly built residential property market achieved a remarkable milestone, exceeding €2.5 billion. Data from Landbank Analytics indicates robust activity countrywide, with newly filed contracts reaching 7,819, including off-plan developments. This solid performance underscores the market’s resilience and dynamism across all districts.

Transaction Breakdown

The apartment sector clearly dominated the market, constituting 81.6% of transactions with 6,382 deals valued at €1.77 billion. In contrast, house sales represented a smaller segment, encompassing 1,437 transactions and generating €737.9 million. The record-high transaction was noted in Limassol, where an apartment sold for approximately €15.2 million, while the priciest house fetched roughly €6.2 million.

Regional Analysis

Nicosia: The capital recorded steady domestic demand with 2,171 new residential transactions. Apartments accounted for 1,836 deals generating €349.6 million, compared to 335 house transactions worth €105.5 million, anchoring Nicosia as a core market with average values of €190,000 for apartments and €315,000 for houses.

Limassol: As the island’s principal investment center, Limassol led overall activity with 2,207 transactions. Apartments dominated with 1,936 sales generating €824.1 million, while 271 house transactions added €157.9 million. The district enjoyed premium pricing, with apartments averaging over €425,000 and houses around €583,000.

Larnaca: This district maintained robust activity with a total of 2,020 transactions. The apartment segment realized 1,770 transactions worth €353 million, and houses contributed 250 deals valued at €96.3 million. Average prices hovered near €200,000 for apartments and €385,000 for houses, positioning Larnaca within the mid-market bracket.

Paphos: With a more balanced mix, Paphos completed 1,078 transactions. Ranking second in overall value at €503.2 million, the district saw house sales generate €287.8 million and apartments €215.4 million. Consequently, Paphos achieved the highest average house price at approximately €710,000 and an apartment average of €320,000, emphasizing its premium housing profile.

Famagusta: Distinguished by lower transaction volumes, Famagusta was the sole district where house sales outnumbered apartment deals. Out of 343 transactions, 176 involved houses (yielding €90.4 million) and 167 were apartments (at €32.4 million). The segment’s average prices were about €194,000 for apartments and over €513,000 for houses, signaling its focus on holiday residences and coastal developments.

Sector Insights and Forward View

Commenting on the report, Landbank Group CEO Andreas Christophorides remarked that the analysis demonstrates an ecosystem where apartments are the cornerstone of the real estate market. He emphasized, “The apartment sector is not merely a trend; it is the engine powering the country’s real estate market.” Christophorides also highlighted the diverse regional dynamics: Limassol leads in apartment pricing, Paphos commands premium house prices, Nicosia remains pivotal to domestic demand, Larnaca sustains competitive activity, and Famagusta caters to holiday home buyers.

In a market characterized by these varied profiles, informed monitoring of regional and sector-specific dynamics is crucial for investors aiming to make targeted and strategic decisions.

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