Every year, thousands of flats are sold in Nicosia. In 2023 alone, more than 2,500 changed hands, according to Deloitte’s 2023 Real Estate Review. That’s over seven flats a day. And yet, some properties sit on the market for months with no serious offers. If yours is one of them, it’s not the market, you have a pricing error.

Across Cyprus, 2022 and 2023 were busy years for apartment sales. Limassol and Larnaca saw major spikes in demand, and even Paphos, where villas usually dominate, saw steady apartment activity. Nicosia, while more stable, recorded consistent transaction numbers and remains one of the most active markets for flats. But not all listings get snapped up. Why? More often than not, it comes down to three things: price, presentation, and how well the flat fits today’s buyer.

It’s Not You. It’s the Flat.

Overpricing is still the most common reason flats don’t sell. If your flat is listed even 10–15% above market value, buyers will scroll past it without a second thought. PwC’s 2023 Real Estate Insights confirms that despite strong overall demand, properties with unrealistic pricing stay on the shelf. This is especially true in Nicosia, where most buyers are local and budget-conscious.

Another major factor is the condition of the flat. Today’s buyers want modern fittings, clean finishes, energy efficiency, parking, storage, and a lift. Deloitte’s report shows this trend across all major districts. If your flat is in an older building or hasn’t been updated, you either need to adjust your price or invest in improvements. And if your flat is one of many just like it? It’ll only sell first if it’s priced best or looks better.

What Buyers Want Has Changed.

The market is equally about location as it is about lifestyle. In Nicosia, buyers are mostly locals looking for practical spaces close to work, schools, and universities. In Limassol, the scene is different. Foreign professionals and investors dominate, especially around the coast. In Larnaca, buyers are chasing value, especially in the redeveloping marina zone. And in Paphos, retirees and second-home seekers are still buying with cash, looking for sea views and quiet neighborhoods.

Across the island, one thing is clear: new beats old. Even if it’s smaller, a new flat with better insulation and amenities often wins. According to the Central Bank of Cyprus Residential Property Price Index (Q3 2023),  apartment prices rose 11.5% year-on-year, higher than any other residential property type. And yet, older flats without upgrades are the ones staying unsold. Location matters too. Areas with growth prospects are hot. Areas with limited infrastructure or aging housing stock? Not so much.

The Bottom Line

Just because thousands of flats sell every year doesn’t mean yours will. If your flat hasn’t moved, there’s a reason, and it’s not the market. Price it fairly. Present it well. Know your buyer. Most of the time, a few simple changes can make all the difference.

The market isn’t broken. It’s just picky. The boom of 2022 is behind us. Sellers can no longer rely on hype alone. If your flat isn’t selling, it’s time to be honest about why. 

Meet us at M.Residence, and let’s talk about how to fix that for you.

Until Next Time,

M.Residence Team