Cyprus’ apartment market presents a stark contrast between Limassol and Nicosia, as highlighted by real estate analytics firm Ask Wire.
Limassol’s luxury apartment prices soar to €5 million, while Nicosia offers affordable options starting at just €50,000. Together, these cities dominate the country’s apartment sales, accounting for the majority of transactions.
Using data from the Department of Lands and Surveys (DLS), Ask Wire’s latest report analysed property transactions, asking prices, and construction activity from January 2019 to August 2024. During this period, Nicosia recorded 13,415 apartment sales worth €2.1 billion, while Limassol had 13,092 transactions totalling €5.1 billion. These figures underscore Limassol’s strength in the luxury market, with almost nine times the volume of high-value sales as Nicosia.
Limassol recorded 2,174 transactions in the €500,000 to €5 million range, valued at €2.6 billion, showcasing its appeal to wealthy foreign buyers. According to Ask Wire CEO Pavlos Loizou, the city offers property developers opportunities to meet international demand with exclusive, high-quality options. Nevertheless, Limassol also has a notable presence in the affordable segment, with 5,451 transactions in the €50,000 to €200,000 range, worth €774 million.
In contrast, Nicosia excels in affordable housing, with over 11,000 transactions in the €50,000 to €200,000 range totalling €1.3 billion. This sector is driven by local buyers and investors, solidifying the capital’s position as a cornerstone of the real estate market. Loizou highlighted the potential for mid-scale developments in Nicosia to provide stable returns for businesses and families.
The mid-range segment (€201,000 to €500,000) further illustrates the cities’ divergence. Limassol led with 5,467 transactions worth €1.7 billion, compared to Nicosia’s 2,123 transactions, valued at €577 million.
Loizou emphasized that understanding these dynamics allows developers and investors to strategically navigate Cyprus’ two largest apartment markets, leveraging Limassol’s luxury dominance and Nicosia’s affordability.
Source: Cyprus Property News