Cyprus House Prices Since 2010: What the Official Indices Show

Cyprus House Prices Since 2010: What the Official Indices Show

This page was checked on 8 November 2026. It answers one question with official statistics only: are Cyprus house prices since 2010 higher or lower than they were at the start of the decade? The short reply is that each headline nominal index for the area administered by the Republic of Cyprus is above its 2010 level, but the size of the gap depends on the index, on whether inflation is removed, and on whether the dwelling is an apartment or a house. Eurostat’s house price index, which is the same series the Statistical Service of Cyprus (CYSTAT) compiles, stands 33.6% above its 2010 annual average in 2025 and 40.9% above it in the second quarter of 2026. The Central Bank of Cyprus (CBC) index, built from bank valuations, stands 9.7% above its first-quarter 2010 base in the second quarter of 2026, and its house sub-index is still 2.0% below that base.

The sections below set out what each index counts, how to convert one base year into another with the arithmetic shown, how inflation changes the answer, how far prices fell between 2008 and 2016 and how they recovered year by year, how Cyprus compares with the other 26 EU members, what incomes, rents and price-to-income ratios show, how new and existing dwellings and the five districts differ, and which drivers official bodies themselves name. The page gives no forecast of its own and no recommendation. For the wider market, see the Cyprus real estate overview and the Cyprus real estate market statistics reference; this page covers only the long-run price comparison with 2010.

Cyprus house prices since 2010: The Short Answer

The table gives seven readings of the same question. Each uses a published index and a stated comparison period, so the figures can be rechecked against the sources linked in the notes at the end of the page. Levels are index points. The first three rows come from Eurostat’s house price index (2015 = 100), which covers all dwellings bought by households, new and existing, including the land. The last four come from the CBC residential property price index (2010 first quarter = 100), which covers houses and apartments and is based on valuations supplied by banks.

Read together, the rows say that Cyprus house prices since 2010 are higher than in 2010 in money terms on both official indices, that Eurostat’s series shows a gain after inflation while the CBC series does not, and that within the CBC data apartments and houses have gone in opposite directions relative to the base. The two sources are not interchangeable, and the rest of this page explains why they differ.

Three Official Indices and What Each Measures

Cyprus has two official house price indices with different data sources, plus a surveyor-based index published by a professional body. A level from one cannot be set against a level from another, because the base periods, coverage and methods differ. Only changes over the same period are comparable, and even those carry the method differences described in the next section.

The Eurostat-CYSTAT series and the CBC series both cover the area administered by the Republic of Cyprus, which the CBC describes as the government-controlled territory. Neither index includes the area administered by the Turkish Cypriot community, where no comparable official index is used on this page; the North Cyprus property prices page covers listing-based data for that side of the island separately.

The RICS index is a secondary source. Its authors describe it as a quarterly publication tracking property and rental prices across the districts and main property types, and its figures are estimates for notional buildings made by accredited professionals, not recorded transactions (RICS Cyprus Property Index with KPMG in Cyprus, 2026 Q2). It is used in this article only for a dated cross-check. No other private index, and no listing-price series, is used for the 2010 comparison, because none reaches back to 2010 with a published method that the sources above can be matched against.

How Eurostat, CYSTAT and the Central Bank Build Their Indices

Eurostat describes its house price index as covering the purchases of all residential property by households, new or existing, whatever the later use, with the land component included and with self-built dwellings and non-market transfers such as sales between relatives excluded (Eurostat metadata for the house price index). Prices are market transaction prices, whether paid in cash or with a mortgage, and fees such as notary, registration and agency costs are left out. For new dwellings the price includes value added tax. Quality differences between dwellings are removed with hedonic methods or with methods that mimic matched-model comparisons, and the national index is a weighted average of sub-indices whose weights follow household spending on transacted dwellings in the previous year.

For Cyprus the compiler is CYSTAT. In its quarterly press release of 14 January 2022 the Statistical Service stated that the data source for both the index and its weights is the Department of Lands and Surveys, that the data cover the government-controlled area, that dwellings are split into old and new strata, and that a rolling-window hedonic regression is run for each stratum before the sub-indices are weighted by the value of the properties in each stratum in the previous year (CYSTAT, House Price Index, third quarter 2021). The figures are provisional and are revised when new information arrives.

One revision matters for any comparison with 2010. In December 2025 CYSTAT published a revised series with improvements in the quality adjustment and richer microdata from the main administrative source, and reported that the revised index tracks other CYSTAT indices more closely (Cyprus Mail, 19 December 2025; CYSTAT, 2015-2024 House Price Index, December 2025). The size of the change is visible in the quarterly figures. Before the revision, CYSTAT reported a preliminary 106.55 for the third quarter of 2021 on a 2015 = 100 base; the revised report gives 120.59 for the same quarter. Anyone comparing a figure quoted before December 2025 with a figure quoted afterwards is comparing two vintages of the series, and this is why older statements about Cyprus house prices since 2010 can differ from the current data by a wide margin.

The CBC index follows a different route. According to the notes to the second-quarter 2026 report, the CBC’s Real Estate Unit computes it from market valuations that banks obtain from property surveyors in the course of mortgage lending, loan restructuring and revaluation, drawing on more than 100 survey offices; data for 2006 to 2009 were collected retrospectively from credit institutions, while from 2010 they are submitted in a standard form by member banks of the Association of Cyprus Banks and by the Cyprus Asset Management Company (CBC, Residential Property Price Index, 2026 Q2). The indices are hedonic, are rebased so that the first quarter of 2010 equals 100, and the aggregate is a weighted sum of the house and apartment indices, weighted by the total value of properties in the sample over the previous four quarters since the first quarter of 2015. The CBC adds that the index partly reflects earlier quarters through smoothed regression coefficients, so turning points can show up with a short lag.

Three consequences follow. The CBC series is valuation-based and smoothed; the Eurostat-CYSTAT series is based on registered sales and is more volatile from quarter to quarter. The CBC base is a single quarter at the start of 2010, while the Eurostat base is a year. And the CBC uses fixed 2010-first-quarter levels for every district and type, so an index value of 90 means 10% below that district’s own starting point, not 10% cheaper than another district.

Cyprus house prices since 2010 in Nominal Terms

Eurostat’s annual table for Cyprus uses 2015 = 100. In the table at the time of checking, the 2010 annual average is 112.90 and the 2025 annual average is 150.89 (Eurostat, dataset prc_hpi_a, updated 1 October 2026). The task of expressing 2025 against 2010 is a rebasing: divide the 2025 level by the 2010 level and multiply by 100. The step is 150.89 ÷ 112.90 = 1.3365, so with 2010 set to 100 the 2025 index is 133.6, which is a gain of 33.6%. The same step for the second quarter of 2026 uses the quarterly level of 159.13 (Eurostat, dataset prc_hpi_q): 159.13 ÷ 112.90 = 1.4095, a gain of 40.9% on the 2010 annual average.

The next table sets the Eurostat annual series for Cyprus from 2008 to 2025 next to the same series rebased to 2010 = 100, the annual rate of change, and the consumer price index (HICP, 2015 = 100) used in the real-terms section. The final column divides the rebased house price index by the rebased HICP.

Source for the table: Eurostat datasets prc_hpi_a and prc_hpi_q, HICP annual data (prc_hicp_aind, all items, annual average index), data as updated in 2026; rebased columns are calculations shown in the text. The nominal index fell in each year from 2009 to 2016, rose 4.7% in 2017, and since then has risen in seven of nine years, the exceptions being 2018 (-1.3%) and 2021 (-1.5%). The annual average first exceeded its 2008 level of 128.17 in 2023 (134.60). In 2025 it stood 17.7% above 2008 (150.89 ÷ 128.17 = 1.1773).

A caution applies to the latest values: the 2025 annual figure and the 2026 quarters are preliminary and may be revised, as CYSTAT states for every release. The quarterly path in 2026 is 155.34 in the first quarter and 159.13 in the second, a rise of 2.4% on the quarter and 7.9% on the second quarter of 2025, compared with 4.7% for the EU and 4.0% for the euro area in the same quarter (Eurostat, prc_hpi_q, update of 1 October 2026; Cyprus Mail, 30 September 2026).

Real Prices After Inflation: The Arithmetic

A nominal index records euros paid. To compare the purchasing power of those euros across years, the index is divided by a price index for the other goods and services bought in the same years. Two deflators are used here, so that the answer does not rest on a single choice. The first is the harmonised index of consumer prices (HICP), which Eurostat publishes for Cyprus on a 2015 = 100 base. The second is the national accounts deflator for household consumption, which Eurostat uses to compile its own deflated house price index (dataset tipsho10).

Steps 1 to 3 give a real gain of 7.6% for the Eurostat-CYSTAT index when HICP is the deflator. Step 4 reads Eurostat’s own deflated series directly: the deflated index was 115.28 in 2010 and 131.90 in 2025, a gain of 14.4%. Step 5 shows why the two real figures differ: the consumption deflator implied by the nominal and deflated series rose 16.8% over the period, while HICP rose 24.2%. The deflators measure different baskets and weights, so neither is a correction of the other. Eurostat defines its deflated index as the house price index divided by the national accounts deflator for private final consumption expenditure (Eurostat, tipsho10, updated 3 November 2026). Steps 6 and 7 apply the HICP deflator to the CBC index: the nominal rise of 2.3% between the 2010 and 2025 annual averages becomes a fall of 17.6% in real terms.

Against the 2008 level the real picture is below the nominal one. The nominal Eurostat index in 2025 was 17.7% above 2008, but HICP rose 27.6% over the same years (118.06 ÷ 92.55), so the HICP-deflated index was 7.7% below its 2008 level (1.1773 ÷ 1.2756 = 0.9229). With Eurostat’s own deflator the 2025 level, 131.90, is 2.1% below the 2008 level of 134.74. In both cases the real index has not returned to its 2008 level, even though the nominal index passed it in 2023. Cyprus house prices since 2010 are therefore higher than in 2010 in real terms on the Eurostat-CYSTAT measure, lower than in 2008 in real terms on either deflator, and lower than in 2010 in real terms on the CBC measure.

From the 2008 Peak to the 2016 Trough

The 2010 starting point was already 11.9% below the 2008 peak on the annual Eurostat measure: the annual index was 128.17 in 2008 and 112.90 in 2010. The fall continued after 2010. On the quarterly Eurostat series the highest value before 2012 is 130.42 in the second quarter of 2008, and the lowest value afterwards is 96.27 in the first quarter of 2016, a peak-to-trough fall of 26.2% (96.27 ÷ 130.42 = 0.7382). On the annual averages the 2016 figure of 99.82 is 22.1% below 2008. The CBC series puts the peak at 107.7 in the third quarter of 2008 and the trough at 73.2 in the second quarter of 2016, a fall of 32.0% (73.2 ÷ 107.7 = 0.6799) (CBC RPPI data workbook, 2026 Q2).

Source: CBC RPPI data workbook, 2026 Q2 release of 24 September 2026; percentages are calculations on the unrounded workbook values. The workbook’s 2006 to 2009 values were collected retrospectively, as the CBC notes. On the CBC measure the overall index in the second quarter of 2026, at 109.7, is 1.8% above its 2008 peak of 107.7, which makes 2026 Q2 the first quarter on this series above the earlier high. The first quarter of 2026, at 107.1, was still just below it.

The CBC’s own annual review of 2010 and 2011 describes how the downturn began. Between the first quarter of 2010 and the fourth quarter of 2011 its index fell 6.9%, with apartments down 9.6% and houses down 5.3%. The review attributes the larger apartment fall to the structure of the preceding upswing: 2008 was the year the property market reached its peak, and apartments completed that year outnumbered houses by 45.7%. Many were holiday-oriented units marketed to foreign and local investors, and the withdrawal of foreign interest left an inventory that weighed on apartment prices more than on houses, which depend more on local demand (CBC, Residential Property Price Index, Annual Review 2010-2011). The review reports the 2010 to 2011 apartment decline by district as 21.2% in Paphos, 18.2% in Famagusta, 14.2% in Larnaca, 9.8% in Limassol and 2.1% in Nicosia, and notes that Nicosia is the only district without a coastline.

The gap between the two indices is large and is worth stating plainly. From the 2010 annual average to 2016, the Eurostat series fell 11.6% (99.82 ÷ 112.90) while the CBC series fell 26.3% (73.4 ÷ 99.6). Which one is closer to the experience of a given owner depends on the property and the year; the indices answer different questions, one about registered sale prices and one about valuations made for lending. The page does not reconcile them.

The Recovery Year by Year

The table lines up the post-2012 recovery on both indices and adds the number of sale contracts deposited with the Land Registry, which the Department of Lands and Surveys (DLS) publishes by month and district. The contracts count is a volume series covering all property types, not a price series. The Eurostat annual change comes from the annual averages; the CBC annual change is computed from the average of the four quarterly values of each year.

Source: Eurostat prc_hpi_a and prc_hpi_q; CBC RPPI workbook, 2026 Q2; DLS, Pancyprian statistics of contracts of sale, annual totals from the DLS statistics pages (Department of Lands and Surveys, statistics); the 2026 contracts figure covers January to September 2026 against 13,173 in January to September 2025 (+13.6%). The DLS notes that its land information system held data covering 96.15% of 2008 contracts and 92.92% of 2007 contracts, so the 2007 and 2008 counts of 21,245 and 14,667 are system totals, not complete counts.

Three features stand out. First, volumes bottomed before prices. Contracts fell from 14,667 in 2008 to 3,767 in 2013, a fall of 74%, and then rose in every year except 2020 up to the 2025 total of 18,114, while both price indices kept falling until 2016. Second, the CBC index began to rise in 2017 (+1.2%), the same year the Eurostat series jumped 4.7%, and the two series have moved in the same direction in every year since 2017 except 2018 and 2021, when Eurostat fell while the CBC index rose. Third, the CBC annual rates of increase were 5.2% in 2022, 7.7% in 2023, 6.7% in 2024 and 5.4% in 2025, which match the annual rates in the CBC’s own table.

The Eurostat-CYSTAT series reached its 2008 annual level in 2023, while the CBC series reached its 2008 quarterly peak only in the second quarter of 2026. The 2020 contracts total of 7,968 fell 23% from 10,366 in 2019, in the year of the pandemic restrictions, and recovered to 10,347 in 2021. The permit-side data that sit behind these volumes are covered on the page about Cyprus building permits.

Cyprus house prices since 2010 Against the Rest of the EU

Eurostat publishes the same index for every member state, so the 2010 comparison can be made country by country. The table ranks the 27 member states by the nominal change between the 2010 annual average and the 2025 annual average. The rebased column sets each country’s 2010 value at 100 using the same division shown for Cyprus above. The real-terms column is the change in Eurostat’s deflated index (tipsho10) over the same years, which uses each country’s own consumption deflator.

Source: Eurostat, house price index (annual data) prc_hpi_a for all countries except Greece, whose annual series comes from the same index in the Eurostat table tipsho20; deflated index tipsho10; both datasets as updated between 1 October and 3 November 2026. Aggregates are Eurostat’s EU27 and euro area series. Rankings are calculations.

Cyprus ranks 23rd of 27 on the nominal change (+33.6%) and 20th of 27 on the real change (+14.4%). Four countries have nominal gains below Cyprus’s: France (+27.6%), Greece (+16.8%), Finland (+5.5%) and Italy (-1.6%), and Italy is the only member state whose nominal index in 2025 is below its 2010 level. The EU27 aggregate rose 61.5% and the euro area aggregate 52.9% over the same years. Seven countries recorded a real gain below Cyprus’s 14.4%: Italy (-25.2%), Romania (-23.9%), Finland (-21.2%) and France (-0.2%) are below their 2010 real levels, Spain (+0.8%) and Greece (+2.0%) are close to them, and Belgium is at +8.2%. In short, Cyprus house prices since 2010 sit in the lower part of the EU table, with a nominal rise smaller than that of the EU as a whole.

The ordering reflects different starting points as well as different recoveries. Several Baltic and Central European markets began from low 2010 levels or from sharp earlier falls, while Cyprus began from a level already reduced by two years of decline. A rebased comparison therefore says how much a given country’s index has moved since 2010, and says nothing about whether prices are high or low relative to incomes, which is the topic of the next section.

Incomes, Rents and Price-to-Income Ratios

House prices matter to a household relative to what it earns and what renting costs. Three Eurostat series bear on this for Cyprus. Compensation per employee is calculated here as total compensation of employees divided by the number of employees in the national accounts (datasets nama_10_a10 and nama_10_a10_e). It rose from about €26,050 in 2010 to about €36,065 in 2025, a nominal increase of 38.4%, with the last two years provisional (Eurostat, compensation of employees; Eurostat, employees). The rent component of HICP, which tracks what tenants pay for housing, stood at 114.10 in 2010 and 129.21 in 2025 on a 2015 = 100 base, an increase of 13.2%, compared with 29.3% for the EU27 aggregate. Eurostat’s standardised house price-to-income ratio compares the house price index with adjusted household gross disposable income per head and expresses it against the country’s own long-term average from 2000 onwards, set at 100 (Eurostat, tipsho60).

Source: Eurostat prc_hpi_a, nama_10_a10, nama_10_a10_e, prc_hicp_aind (item CP041, actual rentals for housing) and tipsho60; rebased columns and compensation per employee are calculations; 2024 and 2025 compensation figures are provisional. The price-to-income ratio is Eurostat’s own published indicator.

Two readings follow. Between 2010 and 2025 nominal pay per employee rose 38.4% against 33.6% for house prices, so the ratio of the price index to pay per employee is 3.5% lower in 2025 (133.6 ÷ 138.4 = 0.965). Eurostat’s standardised price-to-income ratio, which uses disposable income per head instead, was 100.39 in 2010, peaked at 117.48 in 2007, and was 91.61 in 2025, which is 8.4% below the country’s own long-term average. On that indicator Cyprus ranks 7th lowest of 27 in 2025; the lowest values are Romania (47.01), Bulgaria (64.04), Finland (76.74), Poland (86.22), Italy (86.86) and Latvia (87.71), and the highest is Portugal (136.97). The indicator uses each country’s own history as the yardstick, so it does not say that housing is cheaper in Cyprus than elsewhere in absolute terms.

Rents moved differently from prices. The HICP rent index fell 13.2% between 2012 and 2015, in the years when compensation per employee also fell, from about €27,100 in 2012 to about €24,180 in 2016, and it has risen in each year since 2017, reaching 129.21 in 2025. For city-level rent figures and the sources behind them, see the Cyprus rental prices by city guide. Rents and prices are separate measures, and a rent index of tenants’ payments says nothing about the gross yield of a particular property.

New and Existing Dwellings

Eurostat splits the Cypriot index into newly built and existing dwellings, and the two have behaved differently. The table gives the annual averages (2015 = 100) and the latest quarter. New dwellings are those first sold after construction; existing dwellings are resales. CYSTAT’s own report observes that new dwellings show a higher level and clearly more volatility, while existing dwellings follow a smoother and lower path (CYSTAT, 2015-2024 House Price Index, December 2025).

Source: Eurostat prc_hpi_a and prc_hpi_q, purchase types newly built dwellings and existing dwellings, updated 1 October 2026; rebased columns are calculations (for example 170.99 ÷ 114.06 = 1.4991). Between the 2010 and 2025 annual averages the new-dwelling index rose 49.9% and the existing-dwelling index 23.9%. The existing-dwelling index was almost flat between 2013 and 2019 (100.95 to 99.75) while the new-dwelling index rose 22% from 104.04 to 126.72 over the same years. In the second quarter of 2026 the year-on-year increase was 9.8% for new dwellings and 4.2% for existing dwellings.

The split matters for the 2010 comparison because a newly built apartment and a resale house are different products. A buyer comparing a resale flat today with the same flat in 2010 is closer to the existing-dwelling series, which is 23.9% higher in 2025 in nominal terms. The calculation for resale transactions, including the taxes and fees specific to them, is covered in the guide to buying a resale property in Cyprus. The prices of the upper price bands are covered separately in the article on the upper end of the Cyprus market, and are not part of these official averages.

Districts: Nicosia, Limassol, Larnaca, Paphos and Famagusta

Two official sources give district detail. The CBC publishes district indices on the same 2010 first-quarter base, and CYSTAT publishes median prices per square meter by district for 2015 to 2024. The first covers 2010 onward and the second 2015 onward, so together they show the position against 2010 and the change since 2015.

Source: CBC RPPI workbook and report tables, 2026 Q2 (annual values are averages of four quarters). On this measure two districts are well above their starting point in the second quarter of 2026, Limassol (128.5) and Paphos (119.4). Larnaca (104.0) and Famagusta (102.8) are slightly above it, and Nicosia (90.3) is 9.7% below it. The annual rates of change in the second quarter of 2026 were 10.0% in Famagusta, 9.8% in Larnaca, 9.6% in Paphos, 7.8% in Limassol and 5.7% in Nicosia. Within the CBC data the apartment and house sub-indices tell different stories by district. Limassol apartments stood at 154.1 and Paphos apartments at 136.1 in the second quarter of 2026, while Nicosia apartments stood at 102.0 and Nicosia houses at 83.2.

The 2010 to 2016 decline was also uneven. The CBC all-residential series fell furthest in Famagusta and Larnaca, where the lowest quarterly values were roughly a third below the 2010 start (Famagusta 66.7, Larnaca 66.8), and least in Limassol (75.3). The recovery since then has been concentrated in Limassol and Paphos. These are index values relative to each district’s own base, so they do not measure which district is more expensive.

Source: CYSTAT, 2015-2024 House Price Index report, December 2025, Table 2 (median price of residential dwellings in euro per square meter). CYSTAT summarises the 2015 to 2024 change as roughly +70% in Limassol, +55% in Larnaca, +25% in Famagusta and Paphos and +20% in Nicosia, with Paphos recording falling prices until 2022 and Nicosia until 2019. In 2024 the national median for apartments exceeded €2,100 per square meter and came close to the house median, according to the same report. For the districts as places to look at listings, see the pages for Limassol, Paphos and Nicosia, and the Southern Cyprus country page; the apartment price guide reports per-square-meter data by district.

The buyer mix explains part of the district pattern. According to the CBC’s second-quarter 2026 table of contracts of sale, locals accounted for 84% of contracts in Nicosia (901 of 1,076), 66% in Limassol (1,169 of 1,765), 57% in Larnaca (656 of 1,169) and 34% in Paphos (362 of 1,073), while in Famagusta district they accounted for 48% (103 of 215). Foreign buyers, split between EU and non-EU, accounted for 66% of contracts in Paphos (269 EU and 442 non-EU) and 2,107 of the 5,298 contracts nationally. CYSTAT’s December 2025 report reaches the same picture for 2024: Nicosia is almost entirely a Cypriot-buyer market and Paphos has the highest foreign share.

Drivers of Cyprus house prices since 2010 Named by Official Bodies

This section lists the explanations that official bodies themselves give, each with its source and date. It does not weigh them against each other or assign shares of the price change to any of them.

The CBC’s second-quarter 2026 report supplies the supporting indicators. Sales contracts at the Land Registry were 5,298 in the quarter against 4,592 a year earlier (+15.4%), with 2,107 contracts by foreign buyers (+22.7%) and 3,191 by local buyers (+11.0%). New housing loans were €403.6 million against €353.5 million a year earlier (+14.2%), and the weighted average rate on housing loans was 3.23% in June 2026 against 3.26% in June 2025. Residential units with building permits approved rose from 5,484 in January to May 2025 to 8,978 in January to May 2026 (+63.7%), and the CYSTAT construction materials price index was up 2.4% on the year. The Business and Consumer Survey of the European Commission showed an index of selling price expectations for the next three months of 65.9 in the second quarter of 2026, against 22.2 a year earlier, and the CBC lists labor shortages in construction among the upward cost pressures (CBC, 2026 Q2 report).

On supply, Eurostat’s indicator of residential building permits (useful floor area per 1,000 inhabitants) shows how far the cycle swung. The table gives selected years; the 2025 value is provisional.

Source: Eurostat, tipsho50, updated 4 November 2026 (residential building permits). Permits fell from 4,068 square meters per 1,000 inhabitants in 2008 to 697 in 2014, a fall of 83%, and by 2025 had recovered to 2,828, which is 70% of the 2008 level. The CBC’s June 2026 Economic Bulletin adds that residential units with approved permits rose 43% in 2025 on 2024, and describes the real estate market as showing strong momentum with demand from both domestic and foreign buyers (CBC Economic Bulletin, June 2026). Permit counts and their administrative history are set out on the Cyprus building permits page.

The IMF’s 2026 Article IV report, completed on 27 May 2026, describes the housing market as having stabilized with steady transactions, notes that house price growth has moderated since 2024, and says this eases concerns about overvaluation; it also says that bank exposure to real estate, directly and through loans backed by real estate collateral, warrants continued monitoring (IMF Country Report No. 26/145). That report was completed before the second-quarter 2026 releases, in which both the CBC and Eurostat series showed faster annual growth than in the first quarter. The broader macroeconomic outlook is covered in the economic forecast for Cyprus article.

What the Data Do Not Say

The official indices support some statements and not others. They show how recorded or valued prices of residential property moved relative to 2010. They do not show what any single property would sell for, because an index is an average of adjusted prices across many dwellings. They do not include transaction costs, and Eurostat states that fees such as notary, registration and agency costs are outside its definition. They do not measure rental income or total return, so a comparison of Cyprus house prices since 2010 with returns on any other asset cannot be drawn from them.

They do not cover the area administered by the Turkish Cypriot community. They do not separate buyers by nationality inside the price figures, although the CBC and DLS publish buyer counts, and CYSTAT reports a persistent divergence in prices per square meter between Cypriot and foreign buyers over 2015 to 2024, with foreign buyers paying more for houses. They do not predict the future: the IMF, CBC and CYSTAT documents cited here are descriptions of past and current data, and the Business and Consumer Survey figure is a measure of what surveyed firms expected over three months, not a price projection.

The two main indices also differ in ways the reader should keep in mind. The Eurostat-CYSTAT figures for 2025 and 2026 are preliminary and have been revised once already, in December 2025. The CBC series is smoothed and is based on valuations for mortgage and restructuring purposes, which may differ from the prices later recorded at the Land Registry. A conclusion that depends on a gap of a few percentage points between the two is not supported by either.

The RICS Cyprus Property Index with KPMG for the second quarter of 2026 gives a dated cross-check with a third method. It reported apartment values up 5.42% and house values up 4.04% on the year, gross yields on its notional apartments of 5.51% (5.41% a year earlier) and on houses of 3.01% (2.97%), and the strongest quarterly apartment gains in Larnaca, with Nicosia flat (RICS Cyprus Property Index with KPMG in Cyprus, 2026 Q2). Because those numbers describe notional buildings, they are consistent in direction with the two official indices but are not a measure of the 2010 comparison.

Frequently Asked Questions

Are Cyprus house prices higher than in 2010?

In nominal terms, yes, on both official indices. Eurostat’s house price index for Cyprus was 150.89 in 2025 against 112.90 in 2010 (2015 = 100), a rise of 33.6%, and 159.13 in the second quarter of 2026. The CBC index was 109.7 in the second quarter of 2026 against a base of 100 in the first quarter of 2010. These are the figures behind Cyprus house prices since 2010, and they are as of 8 November 2026.

Are Cyprus house prices higher than in 2010 after inflation?

For Cyprus house prices since 2010 the answer depends on the index. Dividing the Eurostat index by HICP gives a real gain of 7.6% from 2010 to 2025, and Eurostat’s own deflated index gives 14.4%. Dividing the CBC annual average by HICP gives a real fall of 17.6%. Both deflators and the calculation steps are shown in the section on real prices above.

Why do the Eurostat and Central Bank indices give different answers for Cyprus house prices since 2010?

The two series behind Cyprus house prices since 2010 measure different things. The Eurostat-CYSTAT index is built from Land Registry sale data for dwellings bought by households, with the land included, and has a base year of 2015 in Eurostat tables. The CBC index is built from bank valuations of houses and apartments, is smoothed, and uses the first quarter of 2010 as its base. The 2010 to 2016 fall was 11.6% on the first and 26.3% on the second.

How far did Cyprus house prices fall after 2008?

On Eurostat’s quarterly series the fall from the second quarter of 2008 (130.42) to the first quarter of 2016 (96.27) was 26.2%. On the CBC series the fall from the third quarter of 2008 (107.7) to the second quarter of 2016 (73.2) was 32.0%.

When did Cyprus house prices pass their 2008 level?

In the Eurostat annual series for Cyprus house prices since 2010, the 2008 level was passed in 2023, when the average reached 134.60 against 128.17 in 2008. On the CBC series, in the second quarter of 2026, when the index reached 109.7 against the 2008 high of 107.7. After removing HICP inflation, the Eurostat index in 2025 was still 7.7% below its 2008 level.

Is the Cyprus rise since 2010 larger or smaller than in other EU countries?

Smaller than the EU average. In the Eurostat tables, Cyprus house prices since 2010 rose less than the EU27 aggregate: the nominal index rose 33.6% between the 2010 and 2025 annual averages, against 61.5% for the EU27 aggregate and 52.9% for the euro area. Cyprus ranks 23rd of 27 on the nominal change and 20th of 27 on the real change in Eurostat’s tables.

Which district has risen most since 2010?

On the CBC index (2010 first quarter = 100), Limassol stood at 128.5 and Paphos at 119.4 in the second quarter of 2026, while Nicosia stood at 90.3, below its starting point. CYSTAT’s median prices per square meter show Limassol up about 70% from 2015 to 2024 and Nicosia up about 20%.

Are new homes in Cyprus priced differently from resale homes in the official data?

The Eurostat index for new dwellings rose 49.9% between the 2010 and 2025 annual averages and the index for existing dwellings rose 23.9%. In the second quarter of 2026 the annual increase was 9.8% for new dwellings and 4.2% for existing ones.

How do incomes compare with Cyprus house prices since 2010?

Compensation per employee rose about 38.4% from 2010 to 2025 against 33.6% for the nominal house price index. Eurostat’s standardised price-to-income ratio was 91.61 in 2025 against 100.39 in 2010, where 100 is the country’s own long-term average. It is not a comparison between countries.

Do these official figures cover the whole island?

No. The Eurostat-CYSTAT and CBC indices cover the area administered by the Republic of Cyprus, which the CBC calls the government-controlled territory. They do not cover the area administered by the Turkish Cypriot community.

Last checked: 8 November 2026. Sources: Eurostat prc_hpi_a; Eurostat prc_hpi_q; Eurostat HPI metadata; Eurostat tipsho10; Eurostat tipsho60; Eurostat prc_hicp_aind; Eurostat nama_10_a10; Eurostat nama_10_a10_e; Eurostat tipsho50; CBC RPPI 2026 Q2; CBC RPPI publications; CBC RPPI data workbook; CBC annual review 2010-2011; CBC Economic Bulletin June 2026; CYSTAT HPI report December 2025; CYSTAT HPI press release 14 January 2022; Department of Lands and Surveys statistics; IMF Country Report 26/145; ESM Cyprus; European Union, Cyprus; RICS Cyprus Property Index 2026 Q2; Cyprus Mail, 19 Dec 2025; Cyprus Mail, 30 Sep 2026. Index levels are as published or as calculated from the published levels, with the calculations shown in the text; the latest Eurostat and CYSTAT values are preliminary.