Cyprus’ most expensive property sales in August 2024

Limassol led the way in Cyprus’ high-value real estate transactions in August 2024, contributing significantly to the total of €20.9 million in sales across the island, according to real estate analytics firm Ask Wire.

Notably, the most expensive transaction was a €5.4 million house in Ayios Tychonas, Limassol, as the district dominated the top sales alongside Paphos.

In addition to this, the Limassol and Paphos districts each saw four transactions among the top ten sales, while Nicosia and Larnaca accounted for the remaining two.

Specifically, in Limassol, the total value of these transactions amounted to €10.3 million, while in Paphos, the value reached €7.5 million.

Meanwhile, Nicosia recorded sales worth €1.7 million, and Larnaca €1.25 million.

Among the most notable transactions was a €2.3 million field in Peyia, Paphos, along with land in the same area, which was sold for €2.15 million.

Furthermore, Limassol saw the sale of a €2.1 million field in Kato Polemidia, while Paphos also recorded the sale of a house for €1.8 million.

Meanwhile, Nicosia’s highest transaction involved an apartment building in Strovolos, valued at €1.7 million, while Limassol’s Katholiki area saw the sale of a commercial property for €1.4 million.

Additionally, a field in Kato Polemidia, Limassol, fetched €1.35 million, a house in Paphos was sold for €1.28 million, and a house in Dromolaxia, Larnaca, sold for €1.25 million.

According to data provided by the Land Registry, the total value of the 50 most expensive transactions in August was €45.6 million.

Notably, Limassol accounted for 32.9 per cent of this figure, followed by Paphos at 27 per cent, Larnaca at 17.3 per cent, and Nicosia at 14.5 per cent.

Moreover, Famagusta’s top 10 transactions totalled €3.8 million, representing 8.3 per cent of the overall value.

In terms of the highest sales by district, Limassol once again led the way with the sale of the €5.4 million warehouse, which accounted for 36 per cent of the district’s total.

In comparison, Paphos’s most expensive transaction was a house sale for €2.3 million, representing 18.7 per cent of the district’s total sales value.

Nicosia’s top sale was the €1.7 million apartment, making up 25.7 per cent of the district’s total, while Larnaca saw a field sell for €1.25 million, accounting for 15.8 per cent of its total.

Famagusta’s most expensive transaction was a residential property sale worth €650,000, making up 17.1 per cent of the district’s total.

Commenting on the above data, Pavlos Loizou, CEO of Ask Wire, said, “In August we see a continuation of the trend that we saw dominate in July as once again residential is high in high value real estate transactions.”

He added, “Field sales are also several event, which demonstrates the increased interest in buying land and new developments in the future.”

Finally, Loizou concluded, “In terms of the districts we see that Limassol and Paphos dominate high value property sales, while Nicosia and Larnaca moved for the second consecutive month to much lower values compared to June levels.”