20.04.2024
Interesting insights into the regions that saw the most property sales in 2023 can be gleaned from Deloitte’s report on the Cyprus property industry.
2023 was a record year for the Cypriot property market, ending the year with 25,400 sales totaling €5.6 billion . The upward trend is driven mainly by residential real estate transactions, which accounted for 61% of the total transaction value in the sector, reaching €3.4 billion with 13,200 sales.
In addition, the study shows that no significant changes are expected in the real estate sector in 2024, with apartments maintaining their position as the most attractive investment opportunity over the next 12-18 months, despite estimates that demand for luxury apartments in high-rise residential complexes will decrease.
Nicosia
The highest value of real estate transactions (216 million euros) and the highest number (920) occurred in Strovolos , down slightly from 230 million euros and 942 transactions in 2022.
The average price of a property transaction in Strovolos fell in 2023 to €235,000 from €245,000 in 2022. It is noted that Engomi has historically been the most expensive area of Nicosia. The average value of real estate transactions in Engomi reached 225,000 euros in 2023, significantly lower than 262,000 euros in 2022.
Limassol
The Municipality of Limassol occupied the largest share of the market in terms of both value (€716 million ) and volume (1,792 transactions), however, noting a downward trend compared to 2022, when 1,841 transactions totaling € were completed. 752 million. The average value of real estate transactions in Limassol in 2023 was €409,000, remaining at the same level as in 2022.
Agios Tychonas remains the most expensive area of Limassol , with the average property transaction price reaching €658,000 in 2023, up from €651,000 in 2022.
The second most expensive area is Germasogeia , with an average transaction price of €570,000 in 2023, approximately 15% lower than Agios Tychonas . It is worth noting that the most expensive real estate in the Limassol area turned out to be almost three times more expensive than in Nicosia.
Pathos
Activities in Paphos Municipality were the highest in value (€336 million) and transaction volume (1,460) in 2023, marking a significant increase from the 1,249 transactions totaling €239 million that took place in Paphos Municipality in 2022.
The average value of property transactions in Paphos municipality in 2023 was €230,000, which was significantly higher than €191,000 in 2022.
Peyia , Chloraka and Geroskipou are considered the most expensive areas of Paphos, mainly due to the fact that their market profile mainly involves the sale of luxury villas, which have a higher average transaction price than apartments.
However, the average value of real estate transactions fell in all three regions. The most significant decline occurred in Peyia , where the total value of real estate transactions rose to €199 million in 2023 from €270 million in 2022, and the average transaction value was €317,000 from €420,000 in 2022.
Larnaca
Property transactions in Larnaca Municipality were the highest in value (€312 million ) and transaction volume (1,570) in 2023, up from €269 million in 2022, with the number of transactions remaining roughly the same compared to 2022 (1511).
The average value of property transactions in Larnaca municipality reached 199,000 euros, an increase from 178,000 euros in 2022.
Aradipou and Livadia, the second and third most popular areas of Larnaca , recorded an increase in the value and volume of real estate transactions in 2023 compared to 2022. However, the average value of real estate transactions in these areas remained broadly the same as in 2022.
Famagusta
Transactions in Paralimni were the highest in value (€163 million), up from €155 million in 2022, and also the most numerous (718) in 2023, up from 727 in 2022. The average value of real estate transactions in Paralimni in 2023 was 227,000 euros, compared to 213,000 euros in 2022.
Ayia Napa is by far the most expensive area of Famagusta : the average property transaction price was €399,000 in 2023, a significant decrease compared to 2022 (€750,000). It is noted that these values are significantly higher than those of Paralimni , the second most expensive area of Famagusta , due to sales of luxury apartments and villas by the sea.
