07.09.2023
In the second quarter of 2023, a total of 1,267 properties were sold in the Nicosia property market, covering four main categories: houses, apartments, land and fields, with a total value of €205 million.
Breaking down the data for the period, Nicosia city and its region recorded 553 apartment sales, 184 house sales, 312 field sales and 218 land sales. The cost of sold apartments reached 99.7 million euros, houses – 46.5 million euros, fields – 20.2 million euros, land plots – 38.6 million euros.
Nicosia accounted for 29.5% of apartment sales throughout the country. The report highlights that buyers in Nicosia are showing particular interest in apartments priced between €100,000 and €200,000, with almost six out of ten apartments sold falling in this price range.
In addition, four apartments worth more than €1 million were sold in the Cypriot capital.
More than half of house sales in the Nicosia area (99 out of 184) were in the price range of €100,000 to €300,000. Two houses were sold for prices exceeding 1 million euros.
Notably, home sales in the Nicosia area in the second quarter accounted for 18.3 percent of the country’s total sales and 14.4 percent of the total sales value.
Eight out of ten fields sold in the Nicosia area in the second quarter of 2023 were priced up to €50,000, with the majority (186 fields and plots) sold below €25,000.
Analysis of sales by area shows that more than half of sales come from fields of up to 3,000 square meters. A total of 31 fields exceeded 10,000 square meters. Nicosia accounted for 25.1% of local sales volume and 12.5% of sales value nationwide.
The Nicosia region ranks first in the country for land sales, accounting for more than a third of transactions in the second quarter. Six out of ten plots of land sold are priced between 50,000 and 200,000 euros. Almost half of the plots sold (105) had an area of 400 to 600 square meters.
