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Cyprus Central Bank Reveals October 2024 Interest Rate Trends

by THEFUTURE.TEAM

December 18, 2024

The Central Bank of Cyprus (CBC) published detailed figures on Monday regarding interest rates at Monetary Financial Institutions across the island for October 2024. The data highlights significant trends in mortgage loans, business loans, and deposit rates.

Mortgage Loan Rates

In October 2024, the average interest rate for new housing loans with floating rates and an initial fixed period of up to one year increased slightly to 4.55%, up from 4.49% in September. In contrast, the eurozone saw a slight decline, with the average rate dropping to 4.37%.

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Among local banks, Bank of Cyprus Public Company Ltd had the highest rate at 5.20%, while Alpha Bank Cyprus Ltd offered the lowest at 3.34%, a rise from 2.90% the previous month.

Hellenic Bank Public Company Ltd reduced its rate to 3.68% from 4.12%. Meanwhile, Ancoria Bank Ltd’s rate increased slightly to 4.39%, up from 4.28%, and Eurobank Cyprus Ltd saw its rate rise to 5.11% from 4.99%.

The overall average rate for housing loans, including renegotiations, climbed to 4.62% in October, up from 4.53% in September, while the eurozone average dropped to 4.37% from 4.59%.

Business Loan Trends

Interest rates for new business loans of up to €1 million with floating rates and an initial fixed period of up to one year saw a modest decline to 5.58% in October, down from 5.62% in September.

Alpha Bank Cyprus Ltd experienced the most significant increase, with its rate rising to 9.04% from 6.35%, the highest among local banks. Ancoria Bank Ltd offered the lowest rate at 4.80%, down from 5.02%.

Other banks showed stability or slight changes. Bank of Cyprus maintained its rate at 5.78%, and Hellenic Bank’s rate edged up to 4.94%, from 4.92%.

The overall average for new business loans, including renegotiations, dropped to 5.45% in October, down from 5.59% in September. In the eurozone, the average rate also decreased to 4.83%, from 5.03%.

A more notable decline was observed in the rates for business loans exceeding €1 million, with the average falling to 4.72% in October, down from 5.26% in September. The eurozone followed this trend, with rates decreasing to 4.58% from 4.67%.

Eurobank Cyprus Ltd reported the highest rate for loans over €1 million at 5.24%, while the National Bank of Greece (Cyprus) Ltd offered the lowest rate at 4.07%.

As for new contracts between Cypriot banks, October saw the following adjustments: Alpha Bank Cyprus Ltd lowered its rate to 5.28% from 5.43%, National Bank of Greece (Cyprus) dropped to 4.07% from 5.59%, Hellenic Bank decreased to 5.21% from 5.53%, Eurobank Cyprus Ltd fell to 5.24% from 5.40%, Cyprus Development Bank decreased to 4.80% from 5.16% (in August), and Bank of Cyprus reduced its rate to 5.19% from 5.32%.

Fixed-Term Deposit Rates

The average interest rate for new fixed-term deposits up to one year for households in Cyprus declined to 1.76% in October, from 1.98% in September. In comparison, the eurozone saw a drop to 2.74%, down from 2.97%.

The National Bank of Greece (Cyprus) recorded the highest rate at 2.48%, while the Bank of Cyprus had the lowest rate at 1.32%, a slight increase from 1.19%.

Eurobank Cyprus Ltd saw the largest decrease, with its rate falling to 2.07% from 2.83%.

For non-financial corporations, the average rate on fixed-term deposits up to one year rose to 2.19%, up from 2.14% in September. The eurozone average remained considerably higher at 3.06%, down from 3.28%.

Astrobank Public Co Ltd reported the most significant rise, with its rate increasing to 3.11% from 2.45%. In contrast, the Housing Finance Corporation had the lowest rate at 1.01%, a decrease from 1.74%.

The Future Forbes Realty Global Properties

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

by THEFUTURE.TEAM

February 16, 2026

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.