Nicosia property sales exceed €205 million in second quarter

The Nicosia property market saw a total of 1,267 properties being sold during the second quarter of 2023, encompassing four major categories, houses, apartments, land, and fields, for a total value of €205 million, according to Cypriot firm Ask Wire.

Ask Wire, a company at the forefront of technology-based real estate expertise, recently analysed and released a report outlining the volume and value of property sales in the Nicosia district during the aforementioned period.

Pavlos Loizou, CEO of Ask Wire, commented on the data, stating that “analysing the data from the Nicosia district provides valuable insights into trends in the four major property categories”.

“For instance, land sales, their size, and the demand for houses and apartments suggest future developments in the construction of residential properties in the city, suburbs, and the broader Nicosia district,” he stated.

“This kind of analysis enables investors, sellers, and banks to base their decisions on real data,” Loizou added.

Breaking down the data for the specified period, Nicosia city and its district saw 553 apartment sales, 184 house sales, 312 land sales, and 218 land plot sales. The value of apartments sold reached €99.7 million, houses at €46.5 million, land at €20.2 million, and land plots at €38.6 million.

Nicosia accounted for 29.5 per cent of apartment sales nationwide. The report highlighted that buyers in Nicosia showed particular interest in apartments priced between €100,000 and €200,000, with almost six out of ten apartments sold falling within this price range.

In addition, four apartments were sold for over €1 million in the Cypriot capital.

Furthermore, more than half of house sales in the Nicosia district (99 out of 184) were in the €100,000 to €300,000 price range. Two houses were sold at prices exceeding €1 million.

Notably, house sales in the Nicosia district during the second quarter represented 18.3 per cent of total nationwide sales volume and 14.4 per cent of total sales value.

Eight out of ten fields sold in the Nicosia district during the second quarter of 2023 were valued at up to €50,000, with the majority (186 fields and plots) being sold below €25,000.

The analysis of sales based on area size reveals that more than half of the sales correspond to fields measuring up to 3,000 square metres. In total, 31 fields exceeded 10,000 square metres. Nicosia accounted for 25.1 per cent of field sales volume and 12.5 per cent of sales value nationwide.

What is more, the company highlighted the fact that the Nicosia district ranked first nationwide in terms of land plot sales volume, accounting for over one-third of transactions during the second quarter.

Finally, the report revealed that six out of ten land plots sold were valued between €50,000 and €200,000. Nearly half of the plots sold (105) had an area of 400 to 600 square metres.