11.08.2022
Limassol’s development as a business center and destination for international technology companies has supported its real estate sector since the closure of the golden passport scheme at the end of 2020.
The Cyprus Real Estate Agents Registration Board said the boom in the Limassol property market continued into the second quarter of 2022, with almost half of sales coming from the area.
According to the Land Registry, 46.5% of real estate transactions (value) in the second quarter were in Limassol.
In Limassol, about 450 sale and purchase transactions were registered and the sale documents were stored in the amount of about 126 million euros. The estimated average selling price of all properties was approximately EUR 280,000.
There were 50 housing transactions reported, totaling € 37m . The average sale price was 770,000 euros, indicating that the majority of sales are for luxury houses and apartments.
Commercial real estate transactions worth €15 million were reported , involving offices and shops.
Council Chairman Marinos Kineiro said the number of commercial transactions could be higher, as many of the sales involve properties under construction.
“The main interest comes from investors who are looking for properties that can be rented out, and this trend is confirmed by rising rental prices. Developers will need to adapt their development plans to meet this increased demand,” Kineirou said.
The cost of selling land plots has also increased: 120 transactions worth 127 million euros were recorded.
According to Kineiro, “multiple land deals show that developers are in the process of planning and developing new projects to meet increased demand, which currently exceeds supply for many property categories such as offices and apartments.”
He noted that 222 transactions worth 94 million euros are related to land plots on which the construction of residential buildings is expected.
455 agricultural land plots were sold in the amount of 54 million euros at an average price of 117 thousand euros.
