The 50 most expensive property sales in June had a total value of €79 million, according to a report published on Tuesday by the real estate market intelligence company Ask WiRE.
The 10 most expensive sales totalled €39 million, where the most expensive sale was a €12 million commercial property in the Limassol district.
The district with the most properties with the highest sales value was Larnaca, with four transactions totalling €13.75 million.
Famagusta district had two sales in the top ten; a hotel and a hotel apartment complex, with a total value of €5.38 million, both of which were in Paralimni.
Paphos and Nicosia districts each had one property in the top ten most expensive list.
Top ten most expensive property sales in June 2023
- Commercial Property – €12 million in Limassol (Limassol Municipality)
- Land – €5.4 million in Larnaca (Mazotos)
- Plot – €3.65 million in Larnaca (Pervolia)
- Land – €3.3 million in Paphos (Pegeia)
- Hotel – €3.28 million in Famagusta (Paralimni)
- Land – €2.5 million in Larnaca (Livadia)
- Mixed-use building – €2.32 million in Nicosia (Lakatamia)
- Offices – €2.3 million in Limassol (Limassol Municipality)
- Land – €2.2 million in Larnaca (Larnaca Municipality)
- Tourist apartments – €2.1 million in Famagusta (Paralimni)
Nearly 60% of the 50 most expensive properties were in the top 20 sold in Limassol and Larnaca districts. The top 10 in Limassol sold for a total of €25.65 million (32%) and the top ten in Larnaca sold for €19.7 million (25%.)
The ten most expensive properties sold in Nicosia district had a significantly lower total value of €13.45 million, followed by Paphos (€11.8 million) and Famagusta (€8.5 million).
Total value of top ten sales/district
- Limassol – €25.65 million (32%)
- Larnaca – €19.7 million (25%)
- Nicosia – €13.45 million (17%)
- Paphos – €11.8 million (15%)
- Famagusta – €8.48 million (11%)
Commenting on figures Pavlos Loizou, the CEO of Ask WiRE, said: “The analysis demonstrates the depth of the high-value property market in each province, revealing that the market is mainly driven by properties of lower value.
“Specifically, out of the 50 largest sales, 20 were below €1 million. This indicates that any investment evaluation should consider not only the value but also the geography, type, and depth of the market, enabling investors to assess the liquidity of their investments.”
Data source: Department of Lands & Surveys
