Cyprus property prices have followed an uneven path since 2006. The national index shows apartments rising strongly in recent years, while house prices have recovered more slowly. But the picture changes when we take the increases in everyday consumer prices into account.
The Residential Property Price Index supplied by the Central Bank of Cyprus, which is used in this report, is for the 2nd quarter of 2026.
National trends: apartments and houses
Before adjusting for inflation, the national apartment index rose from 74.6 in 2006 Q1 to 128.7 in 2026 Q2, an increase of 72.7%. It fell for several years and reached a low in 2015 Q4. After that, it climbed and reached its highest reading in the latest quarter.
The house index followed a different route. It peaked at 108.9 in 2008 Q3, then declined for years. By 2026 Q2, it had recovered to 98.0. That is 48.5% above its 2006 starting point, but still below the 2008 peak. In simple terms, apartment prices rose more strongly over the full period, while house prices experienced a deeper and longer decline.
Cyprus property prices by district
The district figures begin in 2010 Q1. Before inflation adjustment, apartment indexes rose in four districts. Limassol had the largest increase, up 54.1% by 2026 Q2. Paphos gained 36.1%, Larnaca 22.6% and Nicosia 2.0%. Famagusta was 4.6% below its 2010 level.
House indexes varied too. Limassol and Paphos were about 10% above their 2010 readings. Famagusta was up 5.4%. Meanwhile, Larnaca was down 5.1% and Nicosia down 16.8%. This is why a national figure can hide very different local experiences.
Download the Residential Property Price Index Report
What changes after HICP adjustment?
The Harmonised Index of Consumer Prices, or HICP, tracks price changes using a common European method. CYSTAT’s HICP includes spending by residents and visitors. CYSTAT’s methodology and monthly HICP series provide the inflation figures used here.
After adjusting for HICP, the national apartment index rose 20.6% from 2006 Q1 to 2026 Q2. The house index rose 3.7%. These gains are smaller than the unadjusted changes because general consumer prices also increased over the period.
Since 2010 Q1, Limassol and Paphos were the only districts where apartment indexes rose faster than HICP, by 17.7% and 4.0%. Apartment indexes in Nicosia, Larnaca and Famagusta fell relative to HICP by 22.1%, 6.4% and 27.1%. All five district house indexes also fell relative to HICP. The declines ranged from 16.0% in Limassol to 36.4% in Nicosia.
Download the Residential Property Price Index Report Adjusted for Inflation
How to read the figures
The charts use Residential Property Price Index (RPPI) supplied by the Central Bank of Cyprus. Each district house and apartment index starts at 100 in 2010 Q1. A reading of 120 means the index is 20% above that starting level. It does not mean a home costs 120 euros.
The first report tracks the broad movement of prices of a typical home, and these charts do not adjust for inflation or changes in the homes sold.
The second report adjusts the RPPI using the Harmonised Index of Consumer Prices (HICP) provided by the Cyprus Statistical Service. The report compares quarterly RPPI figures with the average HICP for that quarter. It shows broad price movement, not whether a home is affordable for a particular household.
