Top Property Transactions in Cyprus: Limassol Takes the Lead
The latest report by Ask Wire, a specialist in Cypriot real estate analytics, highlights the top property transactions in Cyprus for January 2024, with Limassol taking the lead. The ten most significant property sales amounted to a total of €14.3 million, demonstrating a strong start for the year.
Limassol Leads in High-Value Transactions
The highest-value transaction involved a land and building sale in Potamos Germasogeias, Limassol, for €2.97 million. Additionally, the report revealed that the top 50 property sales in January reached a total of €34.4 million. Notably, Limassol dominated the rankings, contributing five out of the top ten transactions. In contrast, Larnaca and Paphos had two each, while Nicosia had just one.
Total Value of Property Transactions by District
- Limassol: €7.54 million
- Larnaca: €2.68 million
- Paphos: €3.1 million
- Nicosia: €990,000
Highest Property Transactions by District
- Limassol: €11 million
- Paphos: €7.7 million
- Larnaca: €7.3 million
- Nicosia: €5.5 million
- Famagusta: €2.8 million
Paphos Becomes More Competitive
Although Limassol takes the lead in top property transactions in Cyprus, Paphos is emerging as a key player in the luxury market. In fact, the total value of the ten most expensive properties sold in Paphos slightly exceeded that of Larnaca, showing a growing demand for high-end real estate in the area.
Expert Insights and Market Outlook
Mr. Pavlos Loizou, CEO of Ask Wire, commented on the report’s findings, stating, “The luxury real estate sector experienced a modest start in January 2024.” Furthermore, he pointed out that sales ranked 7th to 10th were valued under €1 million, illustrating a wider range of property transactions.
Additionally, he noted the growing competition between Larnaca and Paphos in the luxury segment. Moving forward, the interaction between these districts will be interesting to watch. Finally, he concluded by saying, “It remains to be seen whether Nicosia will rise in the rankings.”
Limassol’s Continued Market Dominance
With the top property transactions in Cyprus for January 2024, Limassol once again proves its strength in high-value real estate. Overall, the report highlights the city’s role as a major investment hub, while Paphos and Larnaca continue to show increasing competitiveness in the market.
Source: Cyprus Property News
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