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Cyprus’ ten most expensive property sales in January 2024

Cyprus Business Now kyriacos nicolaou Limassol property real estate

Cypriot real estate market analytics firm Ask Wire on Friday released a report on the ten most expensive property transactions completed in Cyprus during January 2024.

The report also provided additional information on the local real estate market, including the highest property sales and their overall value across Cyprus.

According to the report, the top ten property sales island-wide amounted to €14.3 million in total, with the most expensive sale being land and a building in Potamos Germasogeias, Limassol, fetching €2.97 million.

Ask Wire CEO Pavlos Loizou

Additionally, the total transaction value of the 50 largest sales in January amounted to €34.4 million.

In terms of a regional breakdown, Limassol dominated the list with five transactions in the top ten, followed by Larnaca and Paphos, each contributing two, and Nicosia with one.

The total value of these transactions in Limassol reached €7.54 million, in Larnaca €2.68 million, in Paphos €3.1 million, and in Nicosia €990,000.

In terms of the top transactions in each district, Limassol led the way with transactions amounting to €11 million, closely followed by Paphos at €7.7 million and Larnaca at €7.3 million.

In addition, Nicosia and Famagusta recorded transactions of €5.5 million and €2.8 million, respectively.

 

chart wire
Value of top ten transactions by district (above); highest sale in each district (below)

 

The top ten transactions in Limassol alone accounted for 32 per cent of the total value of all sales, indicating the city’s prominence in high-value real estate.

Moreover, the combined value of the ten most expensive properties sold in Paphos in January was marginally higher than that of Larnaca.

Pavlos Loizou, CEO of Ask Wire, commented on the findings, stating that “it is evident that the high-value real estate market had a moderate start in the first month of 2024”.

“Even within the top ten nationwide, positions 7 to 10 represent transactions valued below €1 million,” Loizou added.

“As for the broader picture, the competition between Larnaca and Paphos in this property category becomes particularly interesting, and it remains to be seen if Nicosia will climb the ranks,” the Ask Wire CEO concluded.

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