According to data from Ask Wire , the top 10 most expensive property transactions in Cyprus in October totalled €68.4 million. These transactions reflect the high activity in the market, particularly in areas such as Limassol and Paphos, where there has been the most interest from buyers.
According to an analysis by Ask Wire , 37.4% of the total transaction value was in Limassol , which leads the way in terms of the number of high-end residential property transactions. In October, Limassol recorded 10 transactions worth €25.6 million. In Paphos, the top 10 transactions were worth €16.8 million (24.6% of the total transaction value). In Larnaca and Nicosia, the transactions were worth €9.6 million and €10.7 million respectively, accounting for 14% and 15.6% of the total. In Famagusta, the top 10 transactions were worth €5.7 million, reflecting a lower transaction volume compared to other areas.
Pavlos Loizu , CEO of Ask Wire noted that more than 90% of all large transactions, worth over €500,000, were made on the “open market”. This confirms the increased interest of buyers in real estate that is available to private individuals. Only 8.8% of transactions, with a value of €6 million, were in the ” bank restructuring ” category, mainly related to land and commercial real estate.
Demand for development land (fields and plots) is growing in areas such as Larnaca and Paphos. These areas are expected to see an increase in construction in the future, which will lead to an increase in demand for development land . In turn, interest in commercial and mixed-use properties is concentrated in urban areas, indicating a high demand for commercial properties in places with developed infrastructure.
