Cyprus’ Most Expensive Property Sales in August 2024: Limassol Leads the Way

In August 2024, Cyprus saw a total of €20.9 million in high-value real estate transactions, with Limassol standing out as the dominant district, according to real estate analytics firm Ask Wire. The most expensive property sale of the month was a €5.4 million house in Ayios Tychonas, Limassol, solidifying the district’s leading position in the market.

Both Limassol and Paphos accounted for four of the top ten property sales each, while Nicosia and Larnaca contributed the remaining two. The total value of these transactions amounted to €10.3 million in Limassol and €7.5 million in Paphos. Nicosia recorded €1.7 million in sales, while Larnaca contributed €1.25 million.

Some of the most notable transactions in August included:

• A €2.3 million field in Peyia, Paphos, followed by land in the same area sold for €2.15 million.
• A €2.1 million field in Kato Polemidia, Limassol.
• A house sale in Paphos valued at €1.8 million.
• An apartment building in Strovolos, Nicosia, sold for €1.7 million.
• A €1.4 million commercial property in Limassol’s Katholiki area.

Further significant sales include a field in Kato Polemidia, Limassol, sold for €1.35 million, a house in Paphos for €1.28 million, and a house in Dromolaxia, Larnaca, for €1.25 million.

The Land Registry reported that the total value of the 50 most expensive property transactions in August was €45.6 million. Limassol accounted for 32.9 per cent of this total, followed by Paphos at 27 per cent, Larnaca at 17.3 per cent, and Nicosia at 14.5 per cent. Famagusta’s top 10 transactions totaled €3.8 million, representing 8.3 per cent of the overall value.

In terms of district-specific sales:

• Limassol’s top sale, a €5.4 million warehouse, accounted for 36 per cent of the district’s total.
• Paphos’ most expensive transaction was a €2.3 million house, representing 18.7 per cent of the district’s total.
• Nicosia’s top sale was a €1.7 million apartment, making up 25.7 per cent of the district’s total.
• Larnaca’s highest sale was a field for €1.25 million, accounting for 15.8 per cent of the district’s total.

In Famagusta, the most expensive transaction was a €650,000 residential property, representing 17.1 per cent of the district’s total value.

Commentary on the Data Pavlos Loizou, CEO of Ask Wire, noted that August continued the trend seen in July, with residential properties leading high-value real estate transactions. Additionally, field sales were prevalent, reflecting growing interest in land acquisition for future developments.

Loizou concluded by emphasizing the dominance of Limassol and Paphos in high-value property sales, while Nicosia and Larnaca saw significantly lower transaction values for the second consecutive month compared to June levels.

For more property listings, check out https://index.cy/for-sale/.

source: Cyprus Mail