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Limassol Leads The Charge In Cyprus’ Booming Real Estate Market

by THEFUTURE.TEAM

December 11, 2024

The Cypriot real estate market experienced significant growth in 2024, with Limassol firmly at the forefront. From suburban houses to city-centre apartments, shifting buyer preferences and rising investment interest are driving demand across the island.

Limassol: A Market Powerhouse

Limassol remains the undisputed leader, with property sales far exceeding those of other districts. From January to September 2024, the city recorded 237 house sales worth €165 million and 1,469 apartment sales valued at €820 million.

Limassol City attracted the most apartment sales (557 units, €471,000 average), followed by upscale Germasogeia (247 units, €706,000 average) and Agios Athanasios (133 units, €342,000 average). The housing market also saw strong demand in Ypsonas, Cherkezoi, and Agios Tychonas, reflecting Limassol’s appeal among local and international buyers seeking luxury and investment opportunities.

Nicosia, Larnaca, and Paphos Follow the Trend

Nicosia, the island’s capital, saw strong demand for apartments, with 1,194 units sold for a total of €236.9 million. Key areas like Strovolos, Lakatamia, and Nicosia City led apartment sales, driven by professionals and investors seeking high-yield properties.

Larnaca has become a rising star, attracting buyers seeking affordable homes and apartments. The district recorded 191 house sales worth €64.35 million and 1,113 apartment sales totalling €218.8 million. Sales were concentrated in Larnaca City, Livadia, and Aradippou, where buyers are drawn by the promise of coastal living and competitive pricing.

Paphos continues to attract foreign buyers and lifestyle investors. In 2024, it recorded 243 house sales worth €149.6 million and 416 apartment sales totalling €138.4 million. The district’s coastal charm, scenic views, and investment potential make it a prime choice for second-home buyers and holiday rental investors.

Shifting Buyer Preferences

The 2024 market trends reveal a shift towards suburban living, with areas like Ypsonas (Limassol), Lakatamia (Nicosia), and Aradippou (Larnaca) gaining traction. The pandemic has influenced demand for larger, more comfortable living spaces.

Apartments remain a strong choice for professionals, students, and investors, particularly in Limassol, Nicosia, and Larnaca, where rental yields and urban convenience appeal to younger demographics. Investors are also targeting city-centre apartments as Cyprus maintains its status as a key market for international buyers.

What’s Next?

With Limassol leading the charge, the Cypriot property market is set for continued growth. Demand for suburban homes will likely persist, while city-centre apartments remain a lucrative investment. Limassol’s luxury market will continue to draw affluent buyers, and regions like Nicosia, Larnaca, and Paphos are set to benefit from rising demand.

Buyers prioritise lifestyle, space, and investment returns as the market evolves. Cyprus’ appeal as a residential and investment destination remains strong, with Limassol at its heart.

New Decrees For Blue Card And Foreign Students: Key Changes And Implications

by THEFUTURE.TEAM

December 20, 2024

The Ministry of Labor and Social Insurance has announced a series of new measures aimed at addressing the increasing demands of Cyprus’ labor market. These initiatives are designed to attract highly skilled professionals from third countries and broaden employment opportunities for foreign students in select fields, as outlined in the recent Decrees published in the Official Gazette of the Republic.

Attracting Skilled Professionals

One of the key updates is the introduction of a minimum annual salary for foreign professionals, which has been set at €43,632, 1.5 times the average gross annual salary in Cyprus. This salary threshold applies to individuals coming to work in sectors such as Information and Communication Technologies (ICT), pharmaceuticals for research purposes, and maritime industries (excluding skippers and crew).

Expanded Employment Options For Foreign Students

The new regulations also provide an update on the employment rights of foreign students. From December 2024, students from third countries will be able to work in Cyprus, with the new rules replacing the previous March 2024 start date.

Students studying ICT who have completed their first academic semester will be eligible to work in occupations related to their field of study, thereby gaining practical experience while pursuing their education.

In response to critical sector shortages, the regulations also clarify the specific occupations and salaries that Blue Card holders—third-country nationals—will be eligible for in Cyprus. The Blue Card, in line with the European Directive, allows highly skilled professionals to live and work in EU member states.

Strengthening The Labor Market and Economy

These updates are expected to bolster the supply of specialized workers in key sectors, addressing existing gaps and promoting the continued growth of Cyprus’ economy. At the same time, the new measures offer foreign students enhanced opportunities for professional development, facilitating their seamless integration into the country’s workforce.