Nearly 50% of New Cars In The EU In 2023 Are Hybrids Or Electric

by THEFUTURE.TEAM

December 18, 2024

In 2023, approximately 10.7 million new cars were registered in the EU, with nearly 50% of them being either hybrid or fully electric vehicles. Among these, the largest proportion consisted of cars with internal combustion engines (34.5%), followed by hybrid vehicles (21.1%), fully electric cars (14.5%), and diesel-powered cars (14.3%). Over the past decade (2013-2023), electric vehicles have seen significant growth, with the combined share of hybrids and electric vehicles now nearly equal to that of internal combustion engine cars – 48.3% compared to 48.8%, according to Eurostat data.

In 2023, nine EU countries will see the share of new cars that are not powered solely by an internal combustion engine exceed 50%. Finland leads with 78% of new cars being hybrid or electric (44% hybrid, 34% electric), followed by Sweden at 69% (30% hybrid, 39% electric) and the Netherlands at 68% (37% hybrid, 31% electric). On the other hand, Bulgaria had the lowest share at just 7%, followed by the Czech Republic (20%) and Croatia (28%).

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Cyprus falls behind many EU countries in terms of the share of hybrid and electric vehicles. In 2023, the proportion of new cars in Cyprus that are hybrid or electric is around 20%, placing it among the countries with lower adoption rates compared to EU leaders like Finland, Sweden, and the Netherlands.

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.

Breaking news