€4.3 Million Urban Mobility Projects Kick Off In Larnaca

by THEFUTURE.TEAM

January 21, 2025

Two major sustainable urban mobility projects have been launched in the Larnaca district, with a total budget of €4.3 million (excluding VAT). These initiatives, part of the EU-funded Recovery and Resilience Facility, aim to modernize transport infrastructure in the Municipality of Aradippou and the former community of Kalo Chorio. The ambitious projects are expected to be completed within 14 months.

The contract, signed on January 20, 2025, at the Department of Public Works, covers the design, construction, and long-term maintenance (12 years) of two state-of-the-art parking and transfer stations. Representing the government, Public Works Director Eleftherios Eleftheriou formalized the agreement with Spiros Hadjichristofi, Director of S. Hadjichristofi Construction Limited. The contract was awarded for €4,368,000 plus VAT following a competitive bidding process.

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What’s in Store for Aradippou?

The project in Aradippou will reshape local mobility by delivering:

A reconstructed section of the road
A newly built roundabout
A single-story, covered building spanning 315 m²
Two bus bays along the road
An open parking area with space for 67 vehicles

Upgrades for Kalo Chorio

In the former community of Kalo Chorio, similar infrastructure will be developed, including:

A ground-level building of 315 m² with a covered area
Two bus bays along the road
A spacious open parking area with 195 spaces

These projects represent a significant step towards enhancing sustainable mobility and accessibility in Larnaca, creating practical and environmentally friendly transport solutions for residents and visitors alike.

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.

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