Cyprus’ most expensive property sales in September 2023

Cypriot fintech firm Ask Wire on Monday released a report detailing the total value of the ten most expensive property sales that took place in September 2023, the result of a data-driven analysis of the domestic real estate market.

This report also provided insights into the combined worth of the ten costliest sales in each district.

According to the report, the fifty largest property transactions, ten from each district, tallied up to a total value of €46.2 million in September 2023.

The ten most expensive deals reached a total of €21.9 million, with the priciest single sale being a €5.6 million land acquisition in Zakaki, Limassol.

Pavlos Loizou, CEO of Ask Wire, commented on the data, saying that “from the analysis, it is evident that market activity predominantly revolves around lower-valued properties”.

“This is exemplified by the fact that only 10 out of the 50 largest transactions island-wide surpassed the €1 million mark, while another nine fell below the €500,000 threshold,” he added.

The districts of Nicosia and Paphos each contributed three transactions to the top ten, while Limassol and Larnaca added two transactions each.

The value of sales within the Limassol district amounted to €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 55 per cent of this value attributable to the 20 properties in Limassol and Nicosia districts.

Notably, the ten most expensive properties in Limassol were sold for a total of €13.6 million, constituting 29.4 per cent of the total, while Nicosia’s ten priciest properties, valued at €12 million, accounted for 26 per cent of the aggregate figure.

Paphos followed closely behind with ten properties sold for a combined value of €8.8 million, trailed by Larnaca with €8.6 million, and Famagusta at €3.2 million.