Real estate advisory firm WiRE has summed up the state of the real estate market in the four municipalities of Nicosia. The amount of transactions over the next five years exceeds 3.3 billion euros.
The report covered sale and purchase transactions in Nicosia, Strovolos, Engomi and Lakatamia. WiRE emphasizes that housing is still affordable and the total sales are significantly lower than in neighboring Limassol, given the population density.
“Market share in the Nicosia area is limited, despite being the most populous area,” the company said, adding that similar data for Limassol showed total sales in excess of 6.3 billion euros.
The report notes that there were 13,000 real estate transactions in total in Nicosia. For comparison, in Limassol their number is 14,000. The number of transactions differs slightly, which cannot be said about the price of real estate.
“Such a small difference in the number of transactions clearly demonstrates the difference in prices. For the last 5 years property prices in Limassol have been significantly higher than in Nicosia,” the report says. The entire Cyprus real estate market is approaching a valuation of 25 billion euros in terms of the total number of signed sales deeds over the past 5 years. In total, 100,000 transactions were recorded during this period.
There have been 4400 transactions registered in Strovolos in the last 5 years. The total sales value was about 1.2 billion euros. The average cost of an object is 159,193 euros, while prices ranged from 96,162 to 250,050 euros.The peak in the number of sales in Strovolos was in 2019 – 931, while the bulk of transactions (3800) in these five years concerned objects worth up to 338,000 euros.
137 properties in Strovolos were bought for over 1 million euros. The most expensive item was worth 25.9 million euros.
Real estate in Nicosia was sold in the amount of 1 billion euros. The number of transactions reached 4,000. The average price of an object is 110,003 euros, while the value of real estate ranges from 71,877 to 209,136 euros.
The bulk of transactions took place in 2018, 867 transactions to be exact, while the bulk of sales (2,718) reached a maximum of 160,000 euros.
The company explains this situation by the lack of affordable real estate in the central part of Nicosia, but also the lack of free land for new developments.
The maximum amount of the sale and purchase transaction in Nicosia is estimated at 13.4 million euros.
Total real estate sales in Lakatamia total close to 700 million euros with 3,350 transactions completed. The average property price was 136,449 euros, which reflects the typical price range of 90,000 to 190,000 euros for the municipality.
The bulk of the sales came in 2021, with 746 sales already. The report also mentions the fact that “the real estate market in Lakatamia does not seem to have been affected by the pandemic, as it has shown exponential growth over the past three years.”
The decisive number of transactions in Lakatamia concerns objects whose price does not exceed 267,000 euros. At the same time, the most expensive object was sold for a mind-boggling 43.9 million euros.1400 transactions were realized in Engomi. The total amount of sales exceeded 400 million euros.
On average, the price of real estate reached the value of 169,000 euros, while the standard run-up in real estate prices is in the range from 105,000 to 300,000 euros.
The main number of sales took place in 2019 – 320 signed acts. The value of most property sales peaked at €344,000.
About 40 purchase and sale transactions were carried out for amounts exceeding 1 million euros. The most expensive property sold was valued at 10.6 million euros.
The report notes that, as in the case of Limassol, apartments account for the bulk of all transactions, with Lakatamia being the only exception.
Over the past five years, 2526 apartments have been sold in Strovolos. Their total cost was 386 million euros.
The number of apartments sold in Nicosia is 2,332. The average price of a property was 102,317 euros, with a total sale price of 374 million euros.
The number of apartments sold in Engomi is 893. The average apartment price is 133,000 euros, the total sales price is 165 million euros.
The number of apartments sold in Engomi is 1140. The average price per property was 122,000 euros, the total sales price was 138 million euros.