Properties in the municipalities of Nicosia, Strovolos and Aglantzia are the easiest to sell in the Cyprus capital, a report by Cypriot fintech Ask WiRE showed.
The company, which operates by combining expertise in the real estate sector with the use of technology, said that it has developed a new innovative tool, which utilises data in the real estate market to create useful, actionable insights.
The model takes into account several factors such as the density of real estate in different regions, something which dictates the supply in each area, the number of sales in the last five years, as well as transactions by property type and value.
It then creates a rating scale for each area based on the range of selling prices. Therefore, analysts, buyers and sellers can draw useful conclusions about the supply and demand of real estate and the values negotiated in each area, in order to assess how easy to sell each property is.
The company said that based on its analysis of the real estate market’s subsector pertaining to apartments specifically, the easiest to sell properties in the city and suburbs of Nicosia can be found in the municipalities of Nicosia and Strovolos, with a price range between €70,000 and €150,000.
“Demand is elevated across all price categories in the areas and municipalities located in the centre of Nicosia, as well as the areas near the centre’s perimeter,” the company said.
“Nicosia and to a greater extent Strovolos have in their geographical boundaries the highest degree of sellability of apartments among all price categories with the relevant index being higher (6) than average,” it added.
Moreover, the company noted that Aglantzia, Lakatamia and Engomi are three municipalities that also exhibit a high number of sales across all price categories, with the difference being that in the categories between €250,000 and above, the density decreases from already below-average (4) to lower down the scale.
Agios Dometios and Latsia, meanwhile, exhibit sales across the entire price range but the relevant index is exactly in the middle (5) in terms of properties between €70,000 and €150.000, below average (4) for properties between €150,000 and €250,000, and close to the bottom (2) in all categories of apartments of higher value.
The fourth subcategory encapsulates the municipalities of Yeri, Idalion and Tseri, where the density of apartment sales is very low, ranking near the bottom of the relevant index.
Pavlos Loizou, CEO of Ask WiRE said that the company’s data analytics team has created a powerful tool, which can be useful for many of the participants in the real estate market, such as portfolio managers, investors and bankers.
“It enables them to have a complete picture and evaluate the data before making their decisions regarding the liquidity of the investment or their collateral,” Loizou said.
“This is especially important when calculating the time and possible decrease in price for the sale of a property within a certain time period,” he concluded.