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Cyprus Sees 1.8% Population Growth In 2023, Statistical Data Reveal

The population in the Government-controlled areas of Cyprus reached an estimated 966,400 by the end of 2023, up from 949,100 in 2022, reflecting a 1.8% increase, according to demographic statistics published by the Statistical Service on Wednesday.

The data highlight the ageing of Cyprus’ population. In 2023, children under 15 years made up 15.3% of the population, while individuals aged 65 and over accounted for 17.7%. This is a notable shift from 2000 when children represented 22.3% and the elderly just 11.3%.

Birth Rates

Births in the Government-controlled areas saw a slight increase, reaching 10,241 in 2023, up from 10,187 the previous year, resulting in a crude birth rate of 10.7 per 1,000 people. However, the total fertility rate remained unchanged at 1.4, well below the replacement level of 2.1, and a significant decline from its local peak of 2.5 in 1982.

Women in Cyprus are having children later in life, with the average age at first birth rising to 30 years, and the mean age at childbirth, regardless of order, increasing to 31.5 years.

Mortality And Life Expectancy

Deaths in the Government-controlled areas dropped to 6,742 in 2023, compared to 7,307 in 2022, bringing the crude death rate down to 7 per 1,000 population from 7.8.

Life expectancy improved slightly, reaching 81 years for males and 85 years for females in 2023, compared to 80.2 and 83.9, respectively, in 2022. However, infant mortality rose from 3.3 to 4.5 deaths per 1,000 live births.

Migration Trends

Cyprus has maintained positive net migration since 2016. In 2023, net migration was estimated at 13,782. Long-term immigrants—both Cypriots and foreigners—totalled 40,761, compared to 37,558 in 2022. Conversely, the number of emigrants rose to 26,979, up from 21,118 the previous year.

Marriage And Divorce Statistics

The total number of marriages declined in 2023, falling to 11,766 from 13,350 in 2022. Ecclesiastical marriages saw a small drop, from 4,486 in 2022 to 4,355 in 2023. Civil marriages experienced a sharper decline, from 8,864 to 7,411, with only 2,076 involving residents of Cyprus.

The number of divorces, however, increased significantly, reaching 2,134 in 2023, up from 1,503 in 2022. The crude divorce rate rose to 2.23 per 1,000 people, while the total divorce rate—indicating the percentage of marriages expected to end in divorce—surged to 347.8 per 1,000 marriages, a dramatic increase from 41.6 per 1,000 in 1980.

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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