Where Will Rents and Sale Prices of Apartments and Houses Reach in 2024?

No reduction expected in apartment and house sale prices in 2024 nor in rent (with some exceptions).

The sale prices of apartments and houses in Nicosia, as reported by ‘F’ from Danos and Associates office (taking into account factors such as location, view, age, and special characteristics and specifications of the properties), are expected to remain at the same levels as in 2023 and the previous two years, namely between €3,000 and €4,500 per square meter.

In the Famagusta province, the average sale price for apartments and houses has remained stable since 2020, estimated at €3,000 to €4,000 per square meter, with no yearly changes observed. In Limassol, according to estimates from Danos office, the 2024 sale prices for apartments and houses are expected to stay at the same levels as in 2023, which is between €4,000 and €5,500 per square meter.

Analyzing the sale prices of apartments and houses compared to previous years, significant fluctuations are noticed. For example, in 2020 and 2021, the price per square meter ranged from €3,500 to €6,000, while in 2022, it was between €3,500 and €5,000. Regarding future price increases, it appears that the cities of Larnaca and Paphos are expected to show a rise in sale prices.

In Larnaca, the 2024 sale prices of apartments and houses per square meter are expected to increase, reaching €3,500 to €4,000, compared to €2,500 to €3,500 in 2023. In Paphos, the 2024 estimates show an increase in prices, with sales ranging from €2,500 to €3,500 per square meter, up from €2,000 to €3,000 in 2023. As for rents, according to data from Danos and Associates, no major surprises are expected for 2024, although there are cities where rent prices are expected to increase.

For 2024, in Nicosia, the monthly rental cost per square meter for apartments and houses is expected to remain stable at €10 to €12, the same as in 2023. In the Famagusta province, rental prices per square meter for 2024 are also expected to stay at the same levels as in 2023, which is €5 to €8.

In Larnaca, rental prices show an upward trend for 2024. The rent per square meter is estimated to range from €8 to €12, compared to €6 to €10 in 2023. Larnaca is the city with the most noticeable increase in rental prices in recent years, according to available data.

For 2024, in Larnaca, the rental price per square meter has followed an upward trajectory: In 2020 and 2021, it was €4 to €4.5 per square meter, while in 2022 it increased to €4.5 to €5.

In Limassol, rental prices for 2024 are expected to significantly increase, reaching €15 to €25 per square meter, compared to €10 to €15 per square meter in 2023. In 2020 and 2021, the prices were €6 to €12 per square meter, and in 2022 they increased to €7 to €14 per square meter.

Finally, in Paphos, an increase in rental prices for 2024 is also anticipated, expected to range from €7 to €12 per square meter, up from €5 to €10 per square meter in 2023. In 2020 and 2021, the rental prices were €6 to €12, and in 2022 they increased to €7 to €14 per square meter.

Source: ‘Φιλελεύθερος’

 

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