Nicosia property sales hit €164.9 million in third quarter — capital sees most apartment sales in Cyprus

The Nicosia district saw residential sales totalling €118.8 million during the third quarter of 2023, according to a report released on Wednesday by Cypriot firm Ask Wire.

Ask Wire, a firm that combines real estate market knowledge with technology, provided an extensive analysis of property market transactions in Cypriot capital during the third quarter of 2023, offering comprehensive data on sales volume and value.

The report noted that a total of 1166 properties across the four main categories—houses, apartments, plots, and fields—were sold, with a total value of €164.9 million.

Breaking down the figures, the city and the Nicosia district witnessed the sale of 492 apartments, 160 houses, 312 fields, and 202 plots.

Apartment sales accounted for €81.6 million, houses at €37.2 million, fields at €14.1 million, and plots at €32 million.

The company noted that the Nicosia district took the lead nationwide in apartment sales during the third quarter, encompassing 28.6 per cent of total property sales.

In more detail, apartments priced between €100,000 and €200,000 saw the most traction, accounting for nearly six out of ten apartment sales.

Half of the house sales in Nicosia district (81 out of 160) were in the price range of €100,000 to €300,000.

Notably, two houses were sold for over €1 million, signifying 19.4 per cent of the total sales volume and 15 per cent of the total value.

What is more, eight out of ten fields sold in the third quarter of 2023 in the Nicosia district were valued at up to €50,000. The majority of these transactions (193 fields) occurred below the €25,000 mark.

Moreover, more than half of the sales corresponded to fields measuring up to 3000 square metres, while 30 fields exceeded 10,000 square metres.

Nicosia accounted for 25.2 per cent of the sales volume and 10.7 per cent of the value of field sales nationwide.

Furthermore, the Nicosia district leads the country in land sales, representing over one-third of the transactions in the third quarter.

Six out of ten plots sold fell within the range of €50,000 to €200,000. Plots measuring between 400 and 600 square metres dominated sales, comprising 39.1 per cent of the volume.

Commenting on the above data, Pavlos Loizou, Chief Executive Officer of Ask Wire, stated, that the analysis concerning the Nicosia real estate market has resulted in some interesting findings, both for the city and the district as a whole.

“The total volume of transactions is significantly influenced by land sales (44 per cent of the total), although the value of these transactions amounts to only 28 per cent,” Loizou said.

“Additionally, transaction values are notably increased, especially in apartments (49 per cent), where 60-65 per cent of the population resides,” he added.

“As we have reiterated many times recently, this type of analysis enables suitable conclusions to be drawn by investors, sellers, and banks, allowing them to base their decisions on real data,” Loizou concluded.