Cyprus’ apartment market contrasts sharply, with Limassol’s luxury prices reaching €5 million, while Nicosia offers affordable options starting at €50,000, according to real estate analytics firm Ask Wire.

The firm explained that as the two largest cities in Cyprus, Limassol and Nicosia dominate apartment sales countrywide, accounting for the majority of transactions.

The firm’s most recent report took into account property transactions, asking prices, and construction activity. This, the company said, revealed the fundamental differences in two markets.

Using data from the Department of Lands and Surveys (DLS), the report’s scope spans January 2019 to August 2024, covering more than five and a half years.

During this period, Nicosia recorded 13,415 apartment sales worth €2.1 billion, while Limassol saw 13,092 transactions with a total value of €5.1 billion.  

These figures reveal Limassol’s dominance in high-value luxury apartments, with nearly nine times the volume of Nicosia in this segment.  

In contrast, Nicosia has established itself as a leader in affordable housing, with double the number of transactions in lower price brackets. 

Limassol’s strength in the luxury market is evident, with 2,174 transactions completed in the €500,000 to €5 million range during the analysis period, totaling €2.6 billion.  

The company highlighted that the city’s appeal to wealthy foreign buyers remains unmatched.

“Land developers in Limassol can capitalise on this demand for high-value apartments by offering high-quality, diversified options that meet the expectations of international investors seeking exclusivity and an attractive lifestyle,” said Ask Wire CEO Pavlos Loizou.

However, Limassol also caters to more affordable market segments, with 5,451 transactions in the €50,000 to €200,000 range worth €774 million.  

Meanwhile, Nicosia leads in the affordable housing sector, recording over 11,000 transactions in the €50,000 to €200,000 range, amounting to €1.3 billion.  

This stability in the affordable market is driven by local buyers and investors, positioning the capital as a cornerstone of Cyprus’ real estate market.

“For those targeting Nicosia, mid-scale developments, tailored to the needs of entrepreneurs and households, can offer stable returns,” Loizou added.

The mid-range segment of €201,000 to €500,000 further focuses on the divergence between the two cities.  

Limassol recorded 5,467 transactions in this range, with a total value of €1.7 billion, compared to Nicosia’s 2,123 transactions worth €577 million.  

“Our conclusions reveal how land developers and investors can move strategically based on these particular market dynamics in Cyprus’ two largest cities,” Loizou concluded.