Limassol still the driving force in Cyprus’ real estate sector — sales hit €310 million in third quarter

Limassol’s real estate market saw a total of 1,235 properties being sold during the third quarter of 2023, with a combined value of €310 million, according to Cypriot fintech Ask Wire.

The company, which combines real estate market expertise with data analytics, this week released its quarterly report on the Limassol property market for the aforementioned period, including the number and value of properties being sold, as well as the types of property that exchanged hands during this time, among other findings.

The company’s findings shed light on the robust real estate market in Limassol, showcasing a dynamic landscape for investors, particularly from foreign countries.

“Limassol can be characterised as the driving force of the Cypriot property market, particularly concerning the interest from foreign companies,” Paul Loizou, CEO of Ask Wire, said following the release of the report.

“However, we are witnessing a slowdown in the third quarter, and it remains to be seen whether this is due to a decrease in the arrival of foreign companies in Cyprus, which particularly affects the Limassol market, or if it is a result of inflation and rising interest rates or the already increased prices in this region,” he added.

According to the report, property types sold during the third quarter included 418 apartments, 215 houses, 450 plots of land, and 152 land parcels.

Apartment sales accounted for €141 million, houses for €80.8 million, land parcels for €51.9
million, and plots of land for €36.3 million.

Limassol represented 24.3 per cent of apartment sales nationwide, with strong interest in apartments valued between €100,000 and €500,000.

Specifically, 30.4 per cent of sales were in the €100,000 – €200,000 range, 28.5 per cent in the €200,000 – €300,000 range, and 23 per cent in the €300,000 – €500,000 range. Notably, 23 apartments were sold in Limassol for over €1 million.

House sales in Limassol predominantly fell in the €300,000 – €500,000 value range, making up 28.4 per cent of total house sales.

It should be noted that eight houses were sold for over €1 million, reflecting the interest in high-value properties in the local market.

Moreover, the housing market in Limassol during the second quarter accounted for 26.1 per cent of all sales in Cyprus by volume and 32.5 per cent by value.

Additionally, Limassol accounted for 36.3 per cent of the volume and 39.3 per cent of the value of land plot sales across Cyprus.

Nearly six out of every ten land plots sold in Limassol were valued at under €25,000.

The region also saw the sale of six land plots above €1 million, with the most expensive priced at €12 million and the second most expensive at €5.6 million.

The Limassol district represented 25 per cent of the volume and 33 per cent of the value of building plot sales across Cyprus during the third quarter of the year. A third of building plots sold were valued at €100,000 – €200,000.

Notably, 42.8 per cent of the building plots sold in Limassol had an area of 400 to 600 square meters, and 25 building plots were sold with an area exceeding 1,000 square meters.