According to Cyprus Property News, citing a Phileleftheros analysis, licensed apartment floor area in Cyprus has grown from 124,720 to 1.51 million square metres since 2016, while detached homes have become bigger and more exclusive.
According to Cyprus Property News, which cites an analysis of figures by Phileleftheros, the Cyprus housing market has split into two distinct segments. In the first half of 2016, 124,720 square metres of apartment space were licensed across the country. By 2026 the floor area of apartment blocks had reached 1.51 million square metres, an increase of 1,112%. The average apartment has become slightly smaller, falling from 180 to 174.4 square metres, which is still a sizeable average. The report links this to demand for larger, high-end homes, including three- and four-bedroom apartments and premium penthouses, partly from executives of international companies setting up headquarters in Cyprus. A decade ago, apartments were built largely as an affordable option for students and young couples. Detached homes tell a different story. Their total floor area rose by a more modest 56%, and the number of new detached homes increased from 1,466 in 2016 to 1,760 in 2026. The average size jumped from 170.5 to 222.2 square metres. The publication attributes this to higher construction costs and land prices, which it says have pushed many middle-income buyers out of the self-build market, leaving detached houses increasingly to wealthier Cypriot and international buyers. Cyprus Property News also notes a mortgage rate of 3.24% and says that, because apartments carry a lower total purchase cost, they can keep repayments within reach for many households. The article describes apartments as the mass-market product, serving home buyers, student accommodation and rental investment, while detached houses form a more exclusive premium segment. This is a description of market data, not investment advice.