Property Market in Cyprus Sees Limassol as the Leading City in January.

The latest report by Ask Wire, a specialist in Cypriot real estate analytics, documents the ten most substantial property transactions across Cyprus for January 2024, achieving a combined value of €14.3 million.

The highest-valued deal involved a piece of land and a building in Potamos Germasogeias, Limassol, which was sold for €2.97 million. Furthermore, the report disclosed that the aggregate value of the top 50 property sales in January reached €34.4 million. Dominating the scene, Limassol led with five entries in the top ten, followed by Larnaca and Paphos with two each, and Nicosia contributing one to the list.

The overall value of property transactions for each district is as follows:

  • Limassol: €7.54 million
  • Larnaca: €2.68 million
  • Paphos: €3.1 million
  • Nicosia: €990,000

The highest property transactions by district are detailed as follows:

  • Limassol: €11 million
  • Paphos: €7.7 million
  • Larnaca: €7.3 million
  • Nicosia: €5.5 million
  • Famagusta: €2.8 million

Limassol’s real estate market’s significance is highlighted by the fact that the top ten transactions in the city alone represented 32 percent of the total value of all sales, emphasizing its dominance in high-value real estate transactions.

Additionally, in January, the collective worth of the ten most costly properties sold in Paphos slightly exceeded that of Larnaca.

Mr. Pavlos Loizou, CEO of Ask Wire, provided analysis on the report’s findings, observing, “It is apparent that the luxury real estate sector had a modest beginning in January 2024.” He also noted that “transactions ranked 7th to 10th comprised sales valued under €1 million,” demonstrating a diverse range of transactions.

Mr. Loizou further emphasized the competitive landscape between Larnaca and Paphos within this property segment, suggesting that the interactions between these districts will be captivating to observe. He concluded by stating, “It remains uncertain whether Nicosia will ascend in the rankings.”

Source: Cyprus Property News

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