05.04.2023
According to the Cypriot Fintech Industry Analyst Report Ask Wire , there are currently over 7,000 properties available on the market with a total value of over 1.5 billion euros.
A fintech company specializing in real estate data mining used its own tool called Real estate Dynamics (RED). The tool can provide detailed information on the quantity, type, value and period of availability of properties for sale in each area of Cyprus.
As can be seen from the data generated by the tool, there are 7,101 properties available for sale with a total value of 1.6 billion euros.
The majority of properties (42 percent) with a total value of €836 million have been available for sale for more than two years, while 1,498 properties worth €250 million have been available for sale for a certain period of time (12-24 months).
“This indicates that liquidity in the market is limited for a large number of properties,” the company said after publishing its findings.
The vast majority of real estate objects (72%) put up for sale by banks and credit management companies belong to deposits.
Their total value is 786 million euros, which is 50 percent of the total value of properties for sale in Cyprus.
Land plots are the second largest category of real estate for sale, as they make up 14 percent of the total. The total cost of these facilities is 297 million euros.
Nicosia leads in real estate sales
Nicosia has the largest volume of properties available for sale, with 2,432 properties accounting for 34% of the total. Their value is 794 million euros and exceeds 50 percent of the total value of properties for sale in Cyprus.
In second place is the Paphos region, where banks and management companies sell 1,656 properties worth €274 million.
This is followed by Limassol with 1,431 properties valued at €219 million and Larnaca with 1,195 properties valued at €216 million.
In the Famagusta area , there are currently 387 properties for sale with a total value of 66 million euros.
Ask CEO Wire Pavlos Loizu stated that “the main goal and mission of the company is to make life easier for everyone involved in real estate and land management.”
“With the tools we have developed, we can empower them to make informed decisions about sales, investment, and growth opportunities,” Loizu added .
It should be noted that RED is a subscription-based tool that uses technology to collect, process and map individual real estate transactions and listings, making them easily accessible to developers, investors, brokers and appraisers.
The tool takes into account more than 22,000 ads and 140,000 transactions, which allows users to get a complete, reliable and independent picture of the Cyprus property market.
