04.01.2022
Although Nicosia is the most populated province, however, the cost of transactions in this province is low, and therefore the share of the real estate market here is limited. According to data collected over the past five years by WiRE, a specialist real estate advisory services company, the value of property purchases made in the municipalities of Nicosia, Strovolos, Engomi and Lakatameya has been capped at around 3.3 billion euros.
A few weeks ago, the three major municipalities of Limassol Province – Limassol Municipality, Yermasogeia Municipality and Agios Athanasios Municipality – had sales in excess of 6.3 billion euros, which corresponds to the three Limassol municipalities exceeding 14,000. The small difference in the number of transactions shows that the value of transactions conducted in Limassol over the past five years was much higher than in the province of Nicosia. Recall that in Cyprus the total value of sales over the past five years has approached €25 billion, and the amount of transactions has exceeded 100,000.
In particular, in the municipality of Strovolos, the value of transactions exceeded 1.2 billion euros, and the number of transactions was 4,400. The average price of transactions was 159,193 euros, with a typical price range of 96,162 to 250,050 euros. The majority of sales in the municipality – 931 transactions – were recorded in 2019, while the vast majority of transactions, around 3,800, were for properties up to €338,000. 137 transactions reached more than 1 million euros, the highest of which was 25.9 million euros.
As for the Municipality of Nicosia, the transaction value exceeded 1 billion euros and the number of transactions was 4,000. The average transaction price was 110,003 euros, since the typical price range was from 71,877 to 209,136 euros. The majority of sales in the municipality – 867 – were registered in 2018, while the majority of transactions – 2718, amounted to up to 160,000 euros! A phenomenon that can be explained by the lack of affordable real estate in the center of the capital, as well as the lack of development of the rest of the available land. The highest amount of buying and selling in the last five years was 13.4 million euros.
In the municipality of Lakatameya, the value of transactions approached 700 million euros and the number of transactions was 3,350. The average price of transactions was 136.4449 euros, since the typical price range was between 90,000 and 190,000 euros. The majority of sales in the municipality were recorded in 2021, reaching 746. The peculiarity of sales in Lakatameya is that they do not appear to have been affected by the pandemic, as they have grown exponentially over the past three years. The vast majority of transactions were worth up to €267,000. The highest amount of buying and selling in the last five years was 43.9 million euros.
Finally, in relation to the municipality of Engomi, the transaction value exceeded 400 million euros and the number of transactions exceeded 1400. The average transaction price was 169,000 euros, with a typical price range of 105,000 to 300,000 euros. 320 transactions in the municipality were registered in 2019, while the majority of transactions were in real estate worth up to 344,000 euros. There were approximately 40 transactions worth more than 1 million euros, with a higher price of 10.6 million euros.
Apartments are the most popular among buyers
As in the case of the municipalities of Limassol, in the main municipalities of Nicosia, apartment transactions had a large total value. The exception was the municipality of Lakatameya, where deals on houses were more valuable. In particular, in the municipality of Strovolos, over the past five years, 2,526 apartments have been sold with a total value of 386 million euros, with an average price of 127,000 euros. In the municipality of Nicosia, the value of 2,332 apartments sold was 374 million euros, and the average price was 102,317 euros. In the municipality of Engomi, 893 apartments were sold with a total value of 165 million euros, with an average price of 133,000 euros. Finally, in the municipality of Lacatameya, 1,140 apartments were sold with a total value of 138 million euros, with an average price of 122,000 euros.
In an effort to increase transparency and equal access to real estate market data, WiRE will periodically release real estate market data to help interested buyers and investors in the sector make informed decisions.
