08.05.2024
The comparative sales analysis carried out by the Department of Land and Surveying was presented in the quarterly report. It highlights important findings on the transactions and values of properties sold in Cyprus in the first quarter of 2024.
“Analysis of transactions shows that apartments are the most popular among buyers, houses are slightly less attractive for Cypriots, and land plots and fields are most often of interest only to entrepreneurs engaged in farming,” notes President of the Council for Registration of Real Estate Agents Marinos Kinaigiro.
Contents
Apartments
In the first quarter of 2024, 421 transactions were recorded in Cyprus-wide comparison sales, with the majority of them occurring in Nicosia. The highest average cost of apartments was recorded in the Limassol area (208,220 euros), which significantly exceeds the average cost of sold apartments in the rest of Cyprus. In Nicosia the average cost of apartments was 131,841 euros, in Larnaca – 116,914 euros, in Paphos – 107,175 euros and in Famagusta – 105,182 euros.
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In the Cyprus residential property market, comparative sales for the period January-March 2024 included 244 transactions throughout Cyprus, more than half of the sales – 137 transactions – were concluded in Nicosia.
Famagusta recorded the highest average price of houses (393,497 euros). The average value of 60 transactions in the Limassol area was €209,917, in Larnaca €206,436, while in Nicosia €138,488 and Paphos €96,925.
Land
According to a sample of comparative sales for the first quarter, which included 284 of the 462 transactions completed throughout Cyprus, Nicosia and Larnaca are the dominant areas for land sales. However, in terms of averages, the highest rates are found in Paphos (€276,468) and Limassol (€207,875). In Famagusta the average cost is 196,857 euros, in Larnaca – 182,350 euros and in Nicosia – 167,966 euros.
Many plots of land can be quite large, while other plots include buildings, hence their high cost.
Fields
Nicosia (370 transactions) and Limassol (365 transactions) recorded the highest number (735 transactions) of the 1,206 transactions carried out in the first quarter of Cyprus. On average, fields were more expensive in the Paphos area (€119,249) and cheaper in the Nicosia area (€82,192). In three other areas, the average price of fields remained at approximately the same level.
