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Cyprus Eyes Schengen Membership And U.S. Visa-Free Travel By Year-End

Cyprus is taking significant steps toward joining the Schengen free-travel zone by the end of this year, President Nikos Christodoulides announced during a conference in Nicosia last Friday. The move could bolster the island nation’s tourism and investment potential, though challenges linked to its unique geopolitical situation remain.

The island has been divided since 1974, with the Republic of Cyprus controlling the south and the Turkish-occupied north separated by a buffer zone known as the Green Line. If Cyprus joins Schengen without resolving this division, the Green Line would transform into an external EU border, necessitating stricter passport checks and potentially escalating tensions. EU officials have highlighted that adjustments to the Green Line Regulation would be essential to accommodate Schengen membership.

Currently, Cyprus and Ireland are the only EU member states outside the Schengen area, as both lack land borders with other EU countries. President Christodoulides noted that Cyprus has addressed political concerns tied to the ceasefire line and is now finalizing the technical requirements for accession. A dedicated foreign ministry team is overseeing the process to ensure the country meets all necessary criteria.

Joining Schengen is not Cyprus’s only ambition. The president also revealed that efforts to secure visa-free travel for Cypriots to the United States are nearing completion. A U.S. delegation is expected to visit soon to finalize discussions, with formal announcements anticipated shortly.

As a member of the European Union since 2004, Cyprus has long enjoyed freedom of movement across the bloc. Achieving both Schengen membership and U.S. visa exemptions would mark a significant milestone, enhancing the nation’s connectivity and positioning it as a gateway in the eastern Mediterranean.

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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