Changes in the real estate sales map are being recorded on our island, with Limassol continuing unabated to hold the first place as the most expensive city, both in terms of property values and rental prices.
Currently, there are dozens of projects underway in the construction sector, mainly new buildings and newly built apartment complexes. However, at the same time, there is limited demand for sales in Limassol, which should concern land development entrepreneurs.
For the first half of 2024, there has been a decrease in property sales in Limassol for the first time in many years, primarily due to reduced demand from foreign investors who seem to be opting for more economically advantageous cities. These sales involve apartments, houses, offices, and land parcels.
Describing the current state of property sales, Polys Kourousides, President of the Association of Property Valuers, told “Phileleftheros” that there has been a continuous decline in property sales since the beginning of the year. Limassol remains in the lead, followed by Paphos. On the other hand, Larnaca and Nicosia present a different picture, with sales skyrocketing, reaching up to 40%.
The main reasons for the decrease in sales in Limassol are attributed to external demand due to the conflict in Israel and high interest rates, which have significantly affected the property market.
According to data from the Association of Property Valuers, as of May, there was a nationwide decrease of 17% in property sales, with the largest decline recorded in Limassol, followed by Paphos. Specifically, sales documents in the first half of 2024 saw a decrease of 7% in Limassol, contrasting with Larnaca, which saw an increase of 15%, and Nicosia, where sales surged by 40%.
For instance, last May in Limassol, there were 511 sales compared to this year’s 350. Meanwhile, Paphos experienced a decrease of approximately 10%.
Source: Philenews