The property market in Cyprus experienced a decline in high-value transactions during July, according to data by the Cyprus Land Registry analysed by Ask Wire.
The top 50 property sales in Cyprus totalled €55.7 million, a significant decrease from previous months. The most expensive property sold was a luxury house in Pegeia valued at €5.35 million.
Limassol emerged as the dominant province in terms of high-value property sales, accounting for six of the top ten transactions. However, the total value of these sales in Nicosia and Larnaca witnessed a substantial drop compared to June, indicating a slowdown in demand for high-end properties in these areas.
The 10 most expensive property sales across Cyprus had a total value of €27.2 million.
Limassol accounts for six transactions in the top ten sales, followed by Paphos District with three and Nicosia District with one transaction. The value of these transactions in Limassol District amounted to €14.3 million, in Paphos District to €11.5 million, and in Nicosia District to €1.4 million.
The 10 Most Expensive Property Sales in July 2024
Total Value of the 10 Most Expensive Sales per District
Pavlos Loizou, CEO of Ask Wire, stated, “Six of the 10 most expensive sales in July involved houses and apartments, a trend we also see dominating the 50 most expensive transactions as 30 of these also involved houses and apartments. In July, we observed a decrease in the value of high-value property transactions compared to June, something attributed to the sharp decline recorded in Nicosia and Larnaca Districts. The top 10 most expensive sales in these two districts exceeded €20 million each in June, while in July it was reduced to €8 million. These losses could not be offset by the increases in high-value property sales in the other three districts of free Cyprus.”
Source: Philenews