Property valuation in Nicosia

Nicosia does not behave like the coastal districts. It has less holiday and second-home stock, more owner-occupation, and a large body of office and commercial property tied to government, professional services and the universities. It is also, on the current data, the slowest-growing district in the country.

CPA is led by Michael Efstathiou MRICS, practising since 2012, ETEK-registered, working to the RICS Red Book, current edition effective 31 January 2025, alongside the RICS Cyprus National Supplement.

The district numbers

Central Bank of Cyprus index, Q1 2026, year on year: Nicosia houses up 1.8%, apartments up 3.0%. Against a national picture of houses up 3.0% and apartments up 10.8%, Nicosia apartments are running roughly a third of the national rate.

Sales contracts January to July 2026: 2,564, up 5% on last year, in a national market up 14%. Limassol and Paphos each grew 20% over the same period.

Our observation: the capital's residential market is comparatively steady rather than weak. Less speculative and short-let demand reaches it, and the buyer base is more domestic. In practice this means the comparable evidence is often better in Nicosia than elsewhere, and there is less need to correct for froth.

Where we work

The old town within the walls. Engomi and the Egkomi business district. Strovolos, Aglantzia, Latsia and Lakatamia. Dali and Geri. The outer suburbs and the villages beyond them.

Office and commercial stock

Nicosia is where most of our office and commercial instructions arise. The valuation questions there are different from residential ones:

• Income first. Where a building is let, we work from the actual lease terms, rent, review provisions, unexpired term and covenant strength, not from a headline asking rent.
• Vacancy and re-letting. Grade and specification decide how quickly space re-lets. Older stock with poor floorplates, limited parking and dated services carries a longer void, and that belongs in the valuation rather than in a footnote.
• Parking. In central Nicosia the parking allocation attaching to an office suite is a real component of value. We count it.
• Owner-occupied premises. Where a company owns and occupies its own building, valuation for accounts is not the same exercise as valuation for sale, and we agree the basis in writing at instruction.

The old town within the walls

Property inside the Venetian walls is a specialist market. Stock is small, irregular, frequently listed or within a protected zone, and often in need of restoration. Plot shapes are awkward, access can be pedestrian-only, and permitted works may be constrained.

Our observation is that comparable evidence inside the walls is thin and must be used with care. A single unusual sale on a nearby street is not a market. Where evidence is limited, we say what we relied on and why.

Suburbs, land and building coefficient

Strovolos, Lakatamia, Latsia, Dali and Geri hold a mix of established housing, newer apartment blocks and land in various zones. Land instructions turn on planning zone, building coefficient, coverage, permitted number of storeys, legal access and road frontage, and division potential. We check the zoning rather than take it from the particulars.

What we are instructed to do in Nicosia

Bank lending and revaluation. Office and retail valuation for lending, accounts and lease purposes. Probate and estate valuations. Matrimonial and litigation reports for court. Capital gains tax, transfer fee and estate returns. Company accounts and IFRS fair value. Insurance reinstatement cost. Development land.

Reports are produced in English or Greek.

Get a Nicosia valuation started

Tell us the property, the address and the purpose of the valuation. We will confirm whether we can act, the basis of valuation, the fee and the timing before any work begins.

Call +357 25254222, mobile +357 96569477, or email info@cypruspropertyappraisals.com.