31.05.2023
In total, 1,929 apartments and 864 houses were sold last year.
Cypriot company Ask Wire on Wednesday released a report detailing property sales, including houses and apartments, in the Larnaca area in 2022 and the first few months of 2023.
“This is a particularly important insight into the current situation in the city of Larnaca , reflecting the prevailing trends in the real estate market,” the company said in a statement.
In addition to the number of sales, Ask Wire , which specializes in combining real estate knowledge with cutting-edge technology and analytics, also provided the value of all properties sold in the area.
One of the key observations from the analysis is that the apartment market has outperformed the house market in terms of popularity among Larnaca residents .
As you can see from the data, 1,929 apartments and 864 houses were sold last year, which shows how much more apartments are sold compared to houses.
“2022 has been one of the best years for the real estate sector in Larnaca ,” said Paulos Loizu , CEO of Ask Wire , after the report was published. “Analyzing the data of the housing and apartment market, we see that most of the objects are purchased by local residents,” he added. What’s more, the CEO of Ask Wire explained that “in addition, there is a smaller market for luxury housing and apartments compared to, for example, Limassol , driven mainly by Israeli and Lebanese investors.” “Based on the available data, it looks like this trend will continue into 2023 ,” Loizu said .
According to the report, the vast majority of apartments (1,710) sold in the Larnaca area in 2022 were priced below €211,000. 407 apartments were sold for less than 77,000 euros, a total of 841 apartments were sold for prices between 77,000 and 144,000 euros, and 462 apartments were sold for prices between 144,000 and 211,000 euros. The number of apartments sold for more than 211,000 euros is only 11.3% of the total. In particular, 91 apartments were sold for prices between 211,000 and 278,000 euros, another 65 apartments were sold for prices between 278,000 and 345,000 euros, and 63 apartments were sold for more than 345,000 euros.
In the housing market, the main interest of buyers is concentrated on objects worth from 77,000 to 278,000 euros. In particular, out of 864 houses sold in the Larnaca area in 2022, 542 houses, or 62.7%, fall into this category. In addition to 109 houses purchased below €77,000, a total of 199 houses were sold for between €77,000 and €144,000 and 196 houses were sold for between €144,000 and €211,000 . In addition, 147 houses were sold for prices between 211,000 and 278,000 euros, another 106 houses were sold for prices between 278,000 and 345,000 euros, and 107 houses were sold for prices in excess of 345,000 euros.
“The data for the first quarter of 2023 reflects a continuation of the current momentum of the market in Larnaca , as a total of 530 houses and apartments were sold during this time,” the company said, noting that this corresponds to 19 percent of the total sales of houses and apartments. in 2022.
“The trend continues, as in previous years, given that the greatest interest in buying apartments is up to 211,000 euros and houses up to 278,000 euros,” it added.
Finally, with regard to houses, the report notes a significant increase in sales, exceeding 345,000 euros.
During the first quarter of 2023, 36 houses were sold for more than 345,000 euros, and a total of 107 houses in this price range were sold in the whole of 2022.
