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Cyprus Airports Break Passenger Traffic Records in 2024

Cyprus has recorded an all-time high in passenger traffic for 2024, with figures surpassing last year’s total by 30 November. The Ministry of Transport, Communications and Works announced that passenger volume is projected to grow by 5% compared to 2023, marking a significant milestone for the country’s aviation sector.

Transport Minister Alexis Vafeadis expressed his satisfaction with the remarkable results, highlighting the broader economic and tourism benefits. 

Unprecedented Passenger Numbers for November

November 2024 alone saw a record-breaking 715,231 passengers pass through Larnaca and Paphos airports — a 7.01% increase from the same month in 2023. This achievement represents the highest-ever performance for November.

From January to November 2024, passenger volume also hit a historic peak, registering a 5% increase year-on-year. Larnaca Airport experienced a 7.39% rise in passenger numbers, while Paphos Airport saw a 6.05% increase. Key source markets included the United Kingdom, Greece, Poland, Israel, and Germany. Air traffic at both airports grew by 4.89%, with a total of 6,309 flights recorded.

Growing Demand Presents New Challenges

The surge in passenger numbers presents what the Ministry described as a “pleasant problem” — managing the growing demand until necessary infrastructure investments are completed. Plans are underway to expand airport facilities to better accommodate the increased traffic.

Minister Vafeadis acknowledged the collective effort behind the success, extending gratitude to his team and key stakeholders, including the Deputy Ministry of Tourism and Hermes Airports Ltd. Their coordinated efforts to expand the country’s airline network and introduce new routes played a decisive role in achieving this growth.

“The addition of new airlines and routes has been a game-changer,” the Ministry noted, emphasizing the role of enhanced connectivity in driving passenger traffic growth.

With demand on the rise and investments in airport infrastructure in progress, Cyprus is well-positioned to sustain its role as a key regional aviation hub, further bolstering its economy and tourism sector.

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.

Uol
The Future Forbes Realty Global Properties
Aretilaw firm
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