29.07.2024
Ask Wire has released data on the 10 most expensive real estate transactions completed in Cyprus during the first half of 2024, along with the total value of these sales by region.
The total value of the 10 most expensive real estate sales in Cyprus from January to June 2024 amounted to €144.9 million. The most expensive transaction was the sale of office spaces in the Potamos Germasogeia area of Limassol for €28 million.
Seven of the top ten most expensive sales, totaling €116.5 million, were recorded in Limassol. Two transactions were completed in Nicosia, totaling €19.3 million, and one transaction in Larnaca for €9 million.
The total value of the 50 most expensive properties sold in the first half of 2024 reached €262.1 million. The 10 most expensive properties in Limassol account for 51.6% of this amount, while the top ten properties in Paphos account for 18.6%.
The distribution of the total value of the ten most expensive transactions by region showed that Famagusta registered deals worth €14.2 million (5.4% of the total), Larnaca — €28.6 million (10.9% of the total), Limassol — €135.3 million (51.6% of the total), Nicosia — €41 million (15.6% of the total), and Paphos — €48.8 million (18.6% of the total).
Among the ten most expensive sales were various types of properties: offices, apartments, commercial buildings, restaurants, mixed-use buildings, and an outlet.
Each region led in its property type: Famagusta with a hotel for €4.2 million, Larnaca with a land plot for €9 million, Limassol with offices for €28 million, Nicosia with offices and shops for €9.7 million, and Paphos with a hotel for €7.7 million.
In Limassol, the most notable sales included luxury offices, apartments in the Amathus-Mouttagiaka area, a commercial complex in the Apostolos Andreas area, and a restaurant in Pentakomo.
Ask Wire CEO, Pavlos Loizou, noted that in the first half of 2024, the luxury real estate market was primarily concentrated in the city and region of Limassol.
