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Record-High in Cyprus Real Estate Market Reaches €5.71bn: A Look into Quality and Market Dynamics

by News Editor

May 5, 2025

In an impressive stride, the Cyprus real estate market reached a new high of €5.71 billion in 2024, as highlighted in a comprehensive report by PwC Cyprus. This achievement marks a 1% uptick from the previous year, signaling intriguing shifts in market dynamics.

A notable observation from the report is a slight decline in transaction numbers, down 3% to 23,900 transactions. Yet, stability remains a hallmark of Cyprus’s market amidst global challenges.

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Nicosia stands out with a 4% increase in transaction volume, while Limassol retains supremacy in transaction value, contributing to 44% of the market share.

The market’s backbone continues to be residential properties, accumulating €3.8 billion or 67% of the market’s value, a sector further emphasized in Cyprus Business Clubs Guide.

Commercial real estate is also on the rise, notably in Limassol and Nicosia, counterbalancing declines elsewhere.

Still, the demand from international buyers sees a 10% dip, though areas like Nicosia, Famagusta, and Larnaca show growth in foreign interest.

The luxury segment with properties over €1.5 million contributes €500 million, showing that exclusivity still finds a place with 188 high-end property transactions.

Meanwhile, a 2% reduction in building permits juxtaposed with a rise in project value suggests a pivot towards quality enhancements.

As Philippos Soseilos, CEO of PwC Cyprus, states, “Strategic reform under the Vision 2035 framework is pivotal for navigating future advancements.”

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Evel Elects New President As Maria Theocharous Takes Over For 2026–2029 Term

by THEFUTURE.TEAM

November 12, 2026

Maria Theocharous has been elected president of the Limassol Chamber of Commerce and Industry (Evel), taking over from Yiannis Tsouloftas for a three-year term covering 2026–2029. Theocharous previously served as the chamber’s vice-president for tourism.

The leadership transition marks a new chapter for one of Cyprus’ main regional business organisations, with the new board set to represent the district’s key economic sectors.

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New Leadership Emphasises Cooperation

The chamber’s annual meeting brought together government, business and local authority representatives, including Energy, Commerce and Industry Minister Michael Damianos, Cyprus Chamber of Commerce and Industry (Keve) president Stavros Stavrou, Limassol district local government organisation president Yiannis Tsouloftas and Limassol mayor Yiannis Armeftis.

Speakers highlighted the importance of closer cooperation between public authorities and businesses in supporting Limassol’s economic development.

Representatives of the Cyprus Shipping Chamber (CSC) also congratulated Theocharous on her election and thanked the outgoing president for his cooperation. The CSC described Evel as a longstanding partner, noting the chamber’s contribution to Limassol’s business development over more than six decades.

Tsouloftas Reviews Six Years As President

In his final address, Tsouloftas reviewed the chamber’s work between 2020 and 2026, highlighting its advocacy for major infrastructure projects and efforts to address development challenges across the district.

He also outlined initiatives to remove obstacles facing local businesses, accelerate development plans and improve the conditions for economic activity.

Tsouloftas will remain involved as immediate past president, providing continuity during the transition.

New Board Covers Key Business Sectors

The new board includes representatives responsible for the chamber’s main portfolios:

Ilikos Charalambous, vice-president for commerce
Vasos Demetriades, vice-president for industry
Christos Nicolaou, vice-president for services
Nicolas Agiomamitis, vice-president for tourism
Ilias Theodorou, vice-president for finance
Demosthenes Mavrellis, vice-president for innovation and technology
Ilias Neocleous, honorary secretary

Other board members are Minos Agathocleous, Marios Antoniou, George Demetriou, Anastasios Kounoudis, Marios Constantinou, Xanthos Nemptsas, Antonis Pappas, Charalambos Pattichis, Chrysis Petousis, Farah Shammas, Andreas Tsouloftas and Kyriacos Hadjiathanasiou.

Costas Ioannides, Agathi Katsi, Anna Petraki, Filippos Filis and Tonis Hadjiloucas have been appointed members by distinction. The chamber also highlighted the growing participation of women in business leadership and decision-making.

Chamber Recognises Longstanding Contributions

The annual meeting also recognised businesses and individuals for their contributions, including members who have maintained continuous membership for 50 years.

Tributes were paid to three former contributors to the chamber, Tonis Antoniou, Dimi Mavropoulos and Andreas Laou, in recognition of their service.

Under Theocharous’ leadership, Evel begins its 2026–2029 term with a board covering commerce, industry, services, tourism, finance and innovation. Its priorities include continuing to represent Limassol businesses and advocating for the investment and cooperation needed to support the district’s economic growth.