Nicosia, Cyprus. Cyprus’ housing market is being driven by demand for new apartments, speakers said at the 20th Real Estate, Property Development & Construction Conference & Exhibition. Industry representatives also said the construction sector is under pressure to modernise and expand its reach.
Market analysis points to changing buyer behaviour
Presenting an analysis of 2,500 registered projects, Ask Wire chief executive Pavlos Loizou said the market is showing clear changes in buyer behaviour, with newer properties continuing to attract the strongest interest.
Loizou said the bulk of transactions now concern new apartments, while older properties are seeing weaker demand and more stable prices.
He said around 50 per cent of new apartments are sold at about €150,000, while demand for higher-value homes remains steady at the upper end of the market.
Loizou added that rising prices and greater product diversification are creating room for more targeted growth strategies in areas where demand remains strong.
He said the data points to the need for better promotion of new developments and closer alignment between products and buyer expectations.
Taken together, the findings show that the Cyprus housing market remains active, with new projects continuing to shape demand and influence investment planning over the next five years.
Construction industry outlook discussed
The conference also turned to the construction sector, where a fireside chat titled ‘Building Cyprus: Prospects and the Future of the Construction Industry’ focused on the opportunities and pressures facing the industry.
Association of Cyprus building contractors (Oseok) president and N. Gavriel & Sons managing director Stelios Gavriel said the future of construction in Cyprus will depend on credibility, innovation and stronger cooperation across the industry.
Gavriel said the history of Cypriot contractors is closely linked to the country’s development, from the early builders of the 1930s to the modern industry operating today.
How do you think demand for new apartments will affect the pricing and availability of older homes in Cyprus?
