31.08.2022
The city of Limassol continued to lead in real estate transactions in the second quarter of 2022, with the coastal city accounting for 46.5% of total transactions, according to data released by the Property Registration Board. Agents Cyprus (MRICS).
The MRCIS press release states that Limassol’s growth as a business hub in recent years and more recently as a hub for international technology companies has maintained momentum in real estate transactions even after the citizenship by investment program ended.
According to MRICS, based on an analysis of data from the Land Registry Department for the second quarter of 2022, the largest number of transactions involved apartments, with 450 sales contracts worth €450 million at a nominal average price of €280,000.
In terms of houses, there were 50 transactions for a total of 37 million euros, corresponding to an average contract price of 770,000 euros, suggesting that many of these houses were luxury residences, MRCIS added.
In addition, commercial real estate transactions (CRE) were significantly lower, amounting to 15 million euros for offices and shops.
“While CRE transactions may be included in other categories such as plots under development, the trend shows that interest in commercial real estate development is mainly for rental purposes, which is manifested in rising rental rates,” said MRICS Chairman Marinos Kineiro adding that land development corporations should adjust their plans to alleviate this growing demand.
In addition, he said that large transactions classified as land sales amounted to 127 million euros, indicating that “developers are in the process of developing new projects to meet the growing demand, which currently exceeds the supply in real estate, such like offices and apartments.
