Cyprus apartment prices are up 72.7% nationally since 2006 Q1, but after HICP inflation adjustment the gain shrinks to 20.6%, according to Cyprus Property News.
According to Cyprus Property News, which analysed the Central Bank of Cyprus Residential Property Price Index through 2026 Q2, apartments and houses have followed different paths since 2006. Before inflation adjustment, the national apartment index rose 72.7% from 2006 Q1 to 2026 Q2. It fell for several years, hit a low in 2015 Q4 and then climbed to its highest reading in the latest quarter. The house index peaked at 108.9 in 2008 Q3, declined for years and stood at 98.0 in 2026 Q2 — 48.5% above its 2006 starting point, but still below the 2008 peak. The district picture, which begins in 2010 Q1, is far more uneven. Unadjusted apartment indexes rose in Limassol (+54.1%), Paphos (+36.1%), Larnaca (+22.6%) and Nicosia (+2.0%), while Famagusta was 4.6% below its 2010 level. For houses, Limassol and Paphos were about 10% above 2010 levels and Famagusta was up 5.4%, while Larnaca was down 5.1% and Nicosia down 16.8%. Adjusting for the Harmonised Index of Consumer Prices (HICP), based on CYSTAT data, changes the picture. The national apartment index is up 20.6% from 2006 Q1 to 2026 Q2, and the house index only 3.7%. Since 2010 Q1, only Limassol (+17.7%) and Paphos (+4.0%) saw apartment indexes outpace HICP, while Nicosia, Larnaca and Famagusta fell in relative terms by 22.1%, 6.4% and 27.1%. All five district house indexes lagged HICP, with declines ranging from 16.0% in Limassol to 36.4% in Nicosia. Cyprus Property News stresses that the indexes start at 100 in 2010 Q1 for the district series, so a reading of 120 means 20% above that base rather than a price in euros. The figures show broad price movements for a typical home, not whether a property is affordable for a particular household.