Cyprus property market’s largest sales amounted to €79 million in June

The fifty most valuable real estate transactions in the Cypriot property market during the month of June brought in a combined €79 million, according to a report released on Tuesday by Cypriot fintech Ask Wire.

The company, which combines real estate expertise with technology, processed and published the total value of the ten most expensive property transactions completed in June 2023, as well as the total value of the top ten sales by each district.

According to the report, the fifty most valuable property transactions, with ten transactions per region, amounted to a total value of €79 million in June.

In addition, the most expensive sale involved a commercial property worth €12 million in Limassol.

The Larnaca district topped the list with four transactions totalling €13.75 million, while the Famagusta district contributed with two sales, including a hotel and a complex of hotel apartments worth a combined €5.38 million, both located in Paralimni.

The Paphos and Nicosia districts were represented in the list of top ten properties with one sale each.

The total value of the fifty properties in question exceeded €79 million. Nearly 60 per cent of the value was attributed to twenty properties in Limassol and Larnaca.

Specifically, the top ten properties in Limassol were sold for a total of €25.65 million, accounting for 32 per cent, while the top ten properties in Larnaca amounted to €19.7 million, representing 25 per cent.

The top ten most expensive properties sold in Nicosia had a combined value of €13.45 million, followed by Paphos with €11.8 million and Famagusta with €8.5 million.

Commenting on the data, Pavlos Loizou, CEO of Ask Wire, stated that “the analysis demonstrates the depth of the high-value property market by region, highlighting the fact that the market mainly operates with lower-value properties”.

“Specifically, out of the 50 largest sales, 20 were below €1 million,” he added.

“This indicates that any investment evaluation should consider not only the value but also the geography, type, and depth of the market, allowing investors to understand the liquidity of their investment,” Loizou concluded.