Ask Wire, a Cypriot real estate analytics firm, has released a report on the ten most expensive property transactions in Cyprus for January 2024.
The top ten property sales across the island during January amounted to €14.3 million, with the most expensive transaction involving land and a building in Potamos Germasogeias, Limassol, which fetched €2.97 million.
In addition, the report revealed that the total value of the 50 largest sales for the month amounted to €34.4 million.
Limassol emerged as the dominant player, with five transactions in the top ten. Limassol was followed by Larnaca and Paphos, each contributing two, and Nicosia with one.
The total value of property transactions in each district:
- Limassol – €7.54 million.
- Larnaca – €2.68 million.
- Paphos – €3.1 million.
- Nicosia – €990,000.
Breaking down the top property transactions by district:
- Limassol – €11 million.
- Paphos – €7.7 million.
- Larnaca – €7.3 million.
- Nicosia – €5.5 million
- Famagusta – €2.8 million.
The significance of Limassol’s real estate market as underscored by the fact that the top ten transactions in the city alone accounted for 32 percent of the total value of all sales, indicating its prominence in high-value real estate transactions.
The combined value of the ten most expensive properties sold in Paphos in January slightly surpassed that of Larnaca.
Pavlos Loizou, CEO of Ask Wire, offered insights into the findings, noting, “It is evident that the high-value real estate market had a moderate start in the first month of 2024.” He further pointed out that “positions 7 to 10 represent transactions valued below €1 million,” indicating a broad spectrum of sales.
Loizou also highlighted the competition between Larnaca and Paphos in this property category, suggesting that the dynamics between these districts will be intriguing to watch and concluded by saying “it remains to be seen if Nicosia will climb the ranks”.
