Breaking news

Investment in Green Space Transformation to Bolster Sustainable Urban Development

The Cyprus Cohesion Policy Program THALEIA2021-2027 is channeling approximately €55 million towards the creation and upgrade of parks across Cyprus. Spearheaded by the General Directorate of Development at the Ministry of Finance, this initiative underscores a comprehensive commitment to green development, sustainable mobility, and enhanced living standards for citizens.

Strategic Urban Revitalization and Community Cohesion

According to the General Directorate of Development, these projects are more than merely infrastructural investments. They represent a significant developmental strategy designed to offer secure, accessible, and environmentally harmonious public spaces. By creating parks that facilitate relaxation, social interaction, and an immersive connection with nature, the government aims to strengthen community cohesion while fostering an inclusive environment that nurtures both individual well-being and family togetherness.

Urban Oases for a Modern Lifestyle

Beyond their environmental benefits, these parks are poised to become essential urban oases, mitigating the stresses of fast-paced city life. They provide accessible venues for recreation and stress relief, particularly in densely populated urban centers where the daily pace can be relentless.

Key Projects and Financial Framework

Among the highlighted projects are 10 major park developments financed through a collaborative arrangement involving the European Union, the national budget, and local authorities. Noteworthy projects include the transformation of the Old GSP in Nicosia into a thriving Green and Recreation Hub—a project with a total budget of €27.3 million scheduled for completion by early 2025—and the linear Environmental Awareness Park along the Gialia River, allocated a budget of €5.6 million.

Additional initiatives under the THALEIA program include the ongoing redevelopment of Paticheio Park in Larnaca with a budget of €6.6 million, the establishment of the Municipal Salina Park in Larnaca with €3.2 million, and the creation of a Multifunctional Park in Tsiaxilero within the Larnaca district for €2.3 million.

Completed projects include the revamped Gokgen Park in Limassol, finalized in August 2024 with a budget of €2.3 million, and the construction of a park near the Eagle Stadium in the Municipality of Limassol, which was finalized in May 2025 with an allocation of €1.1 million. Moreover, the establishment of an Urban Multifunctional Park in Ayia Napa (budgeted at €4.3 million), a Sports and Recreation Area in Sotira (€0.9 million), and a Linear Park along the Achéritos River (€1 million) further highlight the comprehensive scope of this investment program.

Driving Sustainable Urban Futures

These developments epitomize strategic investments in public infrastructure that not only enhance the urban landscape but also serve as catalysts for broader sustainable development. By prioritizing green spaces, Cyprus is positioning itself to meet contemporary challenges with solutions that blend environmental stewardship with social and economic resilience.

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.

eCredo
Uol
Aretilaw firm
The Future Forbes Realty Global Properties

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter