Limassol dominates Cypriot property market with 9 out of 10 most expensive deals in 2023

Cypriot real estate data analytics firm Ask Wire on Monday released a report outlining the ten most lucrative property transactions completed in Cyprus during 2023, along with additional analysis pertaining to the Cypriot real estate market.

In its report, the company highlighted key trends, which again showed the dominance of high-value deals, particularly in the district of Limassol.

According to the report, the fifty largest transactions, distributed evenly across the districts, amounted to a total of €285.8 million.

Among these transactions, the ten most expensive sales collectively reached €120.4 million in value, with the costliest single transaction involving the sale of a plot of land in the Limassol municipality for €22.1 million.

Moreover, Limassol led the pack in both the number and value of transactions, boasting nine out of the ten most expensive deals.

Commenting on the finding, CEO of Ask Wire Pavlos Loizou said that “the analysis reveals that high-value property sales dominated the market in 2023, with Limassol confirming its reputation as the district with the most expensive properties”.

“An intriguing discovery is the prominence of land transactions among the top sales,” he added.

The Ask Wire CEO explained that “beyond the priciest deal of 2023 involving land, seven out of the ten most expensive transactions were land-related”.

“This signals the future dynamics of the market, as these high-value plots are mainly earmarked for development within the next 2-5 years,” Loizou concluded.

The total value of these transactions in Limassol reached €111.2 million. Famagusta secured the tenth spot with a single transaction valued at €46.4 million.

Larnaca and Paphos followed closely behind, with their top ten sales for 2023 amounting to €42.6 million and €41.1 million, respectively.

Notably, Nicosia’s highest-priced properties sold in the same period totalled €35.5 million.

In addition to the data concerning the ten most expensive sales of 2023, Ask Wire also shared details on the ten priciest real estate transactions completed in Cyprus in December 2023.

In this regard, Limassol led the way again with the highest number of sales (7) in the top ten, followed by Larnaca with two and Paphos with one.