Limassol dominates Real Estate in Q1

Cypriot real estate data analytics firm, Ask Wire on Monday published a report detailing the ten most expensive real estate sales transactions in Cyprus for the first half of 2024 across the island.

The top transactions, completed between January and June, amassed a total of €144.9 million. Notably, the most expensive sale was an office in Potamos Germasogeia, in Limassol, which sold for a staggering €28 million.

The Limassol district dominated the list, accounting for seven out of the ten slots, with transactions amounting to €116.5m.

The Nicosia district followed in second place, contributing two significant sales totalling €19.3m, while the Larnaca district appeared with a single sale valued at €9m.

Among the top ten sales, the properties included a range of types: offices, apartments, commercial developments, restaurants, mixed-use buildings, and an outlet store.

Limassol’s top sales were particularly varied, featuring high-value offices, an apartment in the Amathus-Mouttagiaka area, a commercial development in Apostolos Andreas, and a restaurant in Pentakomo, among others.

Moreover, the cumulative value of the top 50 most expensive properties sold in the first half of 2024, ten per district, reached €262.1m.

The Limassol district accounted for a substantial 51.6 per cent of this total, closely followed by Paphos with 18.6 per cent.

Specifically, the top ten properties in Limassol sold €135.3 million, while Paphos saw sales amounting to €48.8m.

Nicosia’s top sales were valued at €41m, and Larnaca’s at €28.6m. Meanwhile, Famagusta, with more modestly priced properties, saw its top ten sales valued at €14.2m.

Breaking down the total value of the ten most expensive sales by province, Famagusta district recorded €14.2m (5.4 per cent of the total), Larnaca €28.6m (10.9 per cent of the total), Limassol €135.3m (51.6 per cent of the total), Nicosia €41m (15.6 per cent of the total), and Paphos €48.8m (18.6 per cent of the total).  

Each district had a distinct type of property leading their sales: Famagusta with a €4.2m hotel, Larnaca with a €9m field, Limassol with €28m offices, Nicosia with €9.7m offices and shops, and Paphos with a €7.7m hotel. 

In addition to the data for the first half of 2024, Ask Wire has also published information on the ten most expensive property sales in June 2024.  

The most expensive property sold in June was an office and retail building in Ayioi Omologites, Nicosia, which fetched €9.7m.

Moreover, Larnaca was the district with the most sales in the top ten for June, with five transactions, followed by Limassol with three and Nicosia with two.

The June sales included diverse properties such as fields, industrial buildings, land, apartments, houses, and mixed-use buildings.

Pavlos Loizou, CEO of Ask Wire, commented on the findings, saying that “the analysis shows that during the first half of 2024, the market for high-value real estate is primarily based in the city and district of Limassol”.

“One feature that is of interest is the different types of properties that attract the interest of buyers and certainly the fact that the most expensive transactions are related to offices, commercial properties, shops, and others,” he added

“We expect to see new investments and developments in the coming years as these properties are developed by their new owners,” Loizou concluded.