Paphos and Limassol dominate top 10 property sales in February

Cypriot real estate market analytics firm Ask Wire on Tuesday released a report outlining the ten most expensive property transactions completed in February 2024, shedding light on the state of the local property market.

According to Ask Wire’s findings, the top 50 property transactions in February amounted to over €55 million in total value, with the most expensive sale being a plot of land in the Paphos district, valued at €4.8 million.

Moreover, the Paphos district accounted for five transactions in the top ten sales, followed by Limassol with four, and Nicosia with one.

These transactions, the company explained, amounted to €12.6 million in Paphos, €9.8 million in Limassol, and €2.75 million in Nicosia.

The top 50 transactions, ten per district, in February, totalled over €55 million, with 63.4 per cent of this value attributed to properties in the Paphos and Limassol districts combined.

Specifically, the top ten most expensive properties in the Paphos district were sold for €17.5 million, the top ten in Limassol were sold for €17.4 million, and in Nicosia for €9.4 million.

The ten properties with the lowest value sold in February were in the Larnaca district, at a total of €7 million, followed by the Famagusta district with €3.7 million.

Paulos Loizou, Managing Director of Ask Wire, commented on the data, stating that “a comparison with January 2024 shows a significant increase in high-value property transactions in February”.

“Additionally, the Paphos district continues to demonstrate its strength in this market, even surpassing Limassol in total sales value, albeit largely due to the highest-priced sale island-wide, which occurred in this specific district,” he concluded.

A table of the value of the top ten most expensive property sales per district can be seen below, along with the most expensive transaction in each district.