Limassol Maintains Dominance in High-End Property Sales

In April of this year, the ten most expensive property sales in Cyprus reached an impressive €16.2 million, with Limassol continuing to feature prominently in the high-end market, as reported by real estate analytics firm Ask Wire. The most notable transaction was a house in Kouklia, Paphos, which sold for a remarkable €3 million.

The report highlighted that Limassol district once again led the list with six transactions, while Paphos recorded three sales and Nicosia had one. Limassol's transactions alone amounted to €10.3 million, underscoring its significant presence in the luxury property market. Meanwhile, Paphos recorded €4.9 million in transactions, and Nicosia saw a transaction worth €1 million.

Among the top sales, a house in Pano Platres, Limassol, fetched €2.6 million, making it the second most expensive transaction. Limassol also saw a field in Ayios Amvrosios sell for €2.1 million and an apartment in Mouttagiaka for €1.73 million. Other notable sales in Limassol included a house and a piece of land in Mouttagiaka and Ayios Athanasios Municipality, respectively.

The Paphos district highlighted its luxury market with a €950,000 house and a €950,000 field in Kissonerga, adding to the €3 million transaction in Kouklia. In Nicosia, a notable sale was a piece of land in the Municipality of Strovolos, which sold for €1 million.

Looking at the broader context of the 50 most expensive transactions across the country, the total value reached €35.6 million. Limassol led the charge, contributing 37.1 percent of this total, followed by Paphos with 27.5 percent. The top ten properties in Nicosia were sold for €5.5 million, while Larnaca and the free area of Famagusta recorded sales worth €4.1 million and €3 million, respectively.

When examining the most expensive sale per region, Paphos stood out with the €3 million house in Kouklia, constituting 30.6 percent of the area’s total sales value. Limassol’s top sale was the €2.6 million house in Pano Platres, representing 19.7 percent of its total. Nicosia’s priciest transaction was the €1 million land sale in Strovolos, accounting for 18.3 percent of the province’s total sales. In Larnaca, the most expensive property was an apartment sold for €590,000, making up 14.4 percent of the area’s total, while in the free area of Famagusta, a residential property sold for €688,000, representing 22.9 percent of its total sales.

Pavlos Loizou, CEO of Ask Wire, commented on these trends, noting the dominance of residential properties in the high-end market. "If we look closely at the 10 most expensive transactions that took place across Cyprus in April, we will observe that six of them involve residential properties (four houses and two apartments), while the most expensive transactions per district, except for Nicosia, also concern residential properties," Loizou said.

"This trend is even more pronounced in the 50 most expensive sales – 10 per district – as 38 of them involve residential properties," he added. "Specifically, 29 houses worth €19.1 million and nine apartments worth €6.1 million were sold. Generally, we see that Limassol continues to hold the lead in high-value property sales," Loizou concluded.

By fLEXI tEAM