In a recent data-driven analysis of the Cypriot real estate market, fintech firm Ask Wire unveiled a comprehensive report detailing the most expensive property sales for September 2023. The study not only showcased the top ten transactions but also offered insights into the overall real estate trends across the districts of Cyprus.
The report highlighted the combined value of the fifty largest property transactions, with ten from each district, amounting to an impressive €46.2 million for the month of September 2023. Among these significant transactions, the ten costliest sales reached a total value of €21.9 million, with the most extravagant single sale being a remarkable €5.6 million land acquisition in Zakaki, Limassol.
Pavlos Loizou, CEO of Ask Wire, weighed in on the data, observing that “market activity predominantly revolves around lower-valued properties.” He pointed out that a mere ten out of the fifty largest transactions across the island surpassed the €1 million threshold, while nine fell below the €500,000 mark.
Diving into the district-wise distribution, Nicosia and Paphos each contributed three transactions to the top ten, while Limassol and Larnaca provided two transactions each. The value of these transactions within the districts broke down as follows: Limassol €7.5 million, Nicosia €6.7 million, Paphos €4 million, and Larnaca €3.6 million.
The cumulative value of all 50 properties exceeded €46 million, with a significant 55 percent of this value attributed to the 20 properties located in the Limassol and Nicosia districts. Notably, the ten most expensive properties in Limassol, amounting to €13.6 million, constituted 29.4 percent of the total, while Nicosia’s ten priciest properties, valued at €12 million, accounted for 26 percent of the aggregate figure.
Paphos closely followed with ten properties sold for a combined value of €8.8 million, Larnaca at €8.6 million, and Famagusta at €3.2 million. This comprehensive analysis not only offers valuable insights into the latest developments in the Cypriot real estate market but also underscores the dynamism and diversity of the property landscape in Cyprus.
Source: Cyprus Mail