Cypriot residential prices rose 8.5% year on year in Q2 2026, led by apartments. Here is what a square metre costs in each city and what you add on top.
In 2026 an apartment in Cyprus costs from under €2,000 per square metre in parts of Nicosia to well over €5,000 in Limassol, and prices are still rising. The Central Bank of Cyprus general index was up 8.5% year on year in the second quarter of 2026, with apartments up about 8.9% and houses about 5.8%. This guide gives you the per-m² ranges by city, what the trend means, and the costs you add on top of the price. If you are buying to let, see Cyprus rental yield and investment.
The trend: 2025 to 2026
The Central Bank of Cyprus reported apartment prices up almost 11% year on year in the first quarter of 2026, and the general residential index was up 8.5% in the second quarter, with a rise of 2.4% over the previous quarter. The bank attributes the rise mainly to strong demand, particularly from foreign buyers, to domestic demand and to higher construction costs. Regionally, annual growth in the second quarter was reported strongest in Famagusta district and Larnaca, then Paphos, with Limassol at about 7.8% and Nicosia at about 5.7%. Rapid growth does not continue forever, so do not price a purchase on the assumption it will.
Price per m² by city
Per-square-metre figures differ between sources, and most are asking prices from agents and portals, not registered sales. Treat the ranges below as a guide and compare live listings. Apartments, 2026:
- Limassol: roughly €4,000 to over €8,000 per m², with an average near €5,500. The most expensive and most business-led market
- Paphos: roughly €2,800 to €4,500, with coastal areas such as Kato Paphos and Coral Bay at the top end and inland villages such as Tala and Geroskipou lower
- Larnaca: roughly €2,000 to €3,900 depending on source and district, with strong recent growth
- Nicosia: roughly €1,700 to €2,700, driven by local demand and renters
Transaction-based averages for apartments in the first half of 2026 were about €363,000 in Limassol, €262,000 in Paphos, €183,000 in Nicosia and €171,000 in Larnaca. Asking prices on portals are higher, with medians around €650,000 in Limassol, €600,000 in Paphos and roughly €350,000 in Larnaca and Nicosia. The gap between asking and sold prices matters when you negotiate. District detail and legal risks are in our apartment buyer's guide.
Apartments or villas
Villas cost more per square metre and far more in total. Market data put the median villa in mid-2026 near €788,000, or about €3,500 per m². Limassol villas run from about €700,000 to well over €8 million, Paphos villas from about €350,000 to €2.7 million, with many family villas around €500,000 to €600,000. For where to look by lifestyle, see best areas to buy property in Cyprus.
What you pay on top of the price
New builds and resales are taxed differently.
- VAT: 19% on a new build. A reduced 5% rate is reported to apply to a main permanent residence, on the first 130 m² of a home valued up to €350,000, with the total transaction value under €475,000 and the covered area under 190 m². Conditions are strict, so have a lawyer confirm eligibility
- Transfer fees: 3% on the first €85,430, 5% up to €170,860 and 8% above, then reduced by 50%, and nil where VAT is charged
- Stamp duty: reported as abolished from 1 January 2026
- Legal fees: typically about 1% of the price plus VAT
- Agent commission: agree the amount and who pays it in writing before you view
More on the choice between the two: new build vs resale in Cyprus.
Annual costs
Cyprus has had no annual immovable property tax since 2017. What remains is municipal tax, refuse and sewerage charges, usually around €90 to €300 a year and rarely above about €500, plus building service charges if you buy in a complex, and insurance. If you rent the property out, income tax applies, see yield and tax in our rental article. A later sale triggers capital gains tax: Cyprus capital gains tax on sale.
Budget examples
Resale apartment at €300,000. Transfer fees are 3% of €85,430, 5% of the next €85,430 and 8% of the remaining €129,140, about €17,200 in total, halved to about €8,600 on a resale. Legal fees at about 1% plus VAT add roughly €3,600. That is about €12,200, or around 4% of the price, before any agent commission and the cost of a mortgage if you use one (see mortgages for foreigners in Cyprus).
New-build apartment at €250,000 before VAT. At 19% VAT you pay €47,500 on top, so €297,500. If the 5% rate applies, VAT is €12,500 and the total €262,500, a difference of €35,000. There are no transfer fees where VAT is charged, and legal fees at about 1% plus VAT add roughly €3,000.
These are illustrations on the rules as reported. Your lawyer should compute the actual figures for the specific property.
FAQ
How much is a square metre in Cyprus? In 2026, roughly €1,700 to €2,700 in Nicosia, €2,000 to €3,900 in Larnaca, €2,800 to €4,500 in Paphos and €4,000 to over €8,000 in Limassol, depending on source, location and quality.
Are Cyprus property prices still rising? Yes. The Central Bank of Cyprus reported 8.5% year-on-year growth in the second quarter of 2026. Growth tends to slow as prices reach affordability limits, so do not assume it continues.
How much extra do I pay when I buy? On a resale roughly 4% for transfer fees and legal costs, before agent commission. On a new build, VAT of 19% or 5% instead of transfer fees.
Do I pay property tax every year? There is no annual immovable property tax since 2017, only small municipal charges and any building service charges.
How we help
We shortlist Cypriot properties within your budget, compare asking against realistic sale prices, work out the total cost including VAT, fees and tax, and coordinate local lawyers. Start from the Cyprus country page or our Cyprus property guide.
This article is informational only and is not legal, tax or investment advice. Prices and rules are indicative, come from market and professional sources and change over time; confirm current figures with your lawyer before you buy.