29.11.2023
According to a report published on Wednesday by Cypriot firm Ask Wire , in the third quarter of 2023, residential property sales in the Nicosia region amounted to €118.8 million. The report notes that a total of 1,166 properties were sold in four main categories – houses, apartments, plots and fields – for a total value of €164.9 million.
If you look at the numbers, 492 apartments, 160 houses, 312 fields and 202 plots of land were sold in the city and region of Nicosia. Sales of apartments amounted to 81.6 million euros, houses – 37.2 million euros, fields – 14.1 million euros, land plots – 32 million euros. The company noted that the Nicosia area led the country in apartment sales in the third quarter, accounting for 28.6% of total property sales. The most popular apartments were priced between 100,000 and 200,000 euros, accounting for almost six out of ten apartment sales.
Half of the house sales in the Nicosia area (81 out of 160) were in the price range of €100,000 to €300,000. Notably, two houses were sold for more than €1 million, representing 19.4% of total sales and 15% of total value. However, eight out of ten fields sold in the third quarter of 2023 in the Nicosia area were valued at up to €50,000. The majority of these transactions (193 fields) occurred below the €25,000 mark. Moreover, more than half of sales accounted for fields with an area of up to 3,000 square meters, and 30 fields exceeded 10 thousand square meters.
Nicosia accounted for 25.2% of sales volume and 10.7% of local sales value throughout the country. In addition, the Nicosia region leads the country in land sales, accounting for more than a third of transactions in the third quarter. Six out of ten plots sold were in the €50,000 to €200,000 range. Sales were dominated by plots ranging from 400 to 600 square meters, accounting for 39.1% of the volume.
Commenting on the above data, Pavel Loizou , CEO of Ask Wire , stated that an analysis of Nicosia’s property market led to some interesting findings, both for the city and the area as a whole.
“The total volume of transactions is significantly influenced by the sale of land plots (44% of the total), although the cost of these transactions is only 2%. In addition, the cost of transactions increases noticeably, especially in apartments (49%), where 60-65% of the population lives. As we have repeated many times recently, this type of analysis allows investors, sellers and banks to draw appropriate conclusions in order to make decisions based on real data,” concluded Loizou .
