Ask Wire, a prominent Cypriot real estate data firm, has unveiled its report on the priciest real estate transactions across Cyprus for the first half of 2024. The data highlights a total of €144.9 million in top sales completed from January to June.
The standout transaction was an office in Potamos Germasogeia, Limassol, which fetched an impressive €28 million. Limassol’s dominance is clear, with seven of the ten highest-value sales occurring in this district, totaling €116.5 million.
Nicosia ranked second, contributing two major sales amounting to €19.3 million. Larnaca had one notable transaction valued at €9 million.
The range of properties in the top ten sales was diverse, including offices, apartments, commercial properties, restaurants, mixed-use buildings, and an outlet store. Limassol’s high-value transactions featured a mix of properties, such as premium offices, an apartment in Amathus-Mouttagiaka, a commercial development in Apostolos Andreas, and a restaurant in Pentakomo.
Additionally, the total value of the top 50 most expensive properties sold in the first half of 2024 reached €262.1 million. Limassol’s share was significant at 51.6%, followed by Paphos with 18.6%. Specifically, Limassol’s top ten properties had a combined value of €135.3 million, Paphos €48.8 million, Nicosia €41 million, and Larnaca €28.6 million. Famagusta, with more modest transactions, saw top sales totaling €14.2 million.
When broken down by province, the ten most expensive sales were distributed as follows: Famagusta at €14.2 million (5.4% of the total), Larnaca at €28.6 million (10.9%), Limassol at €135.3 million (51.6%), Nicosia at €41 million (15.6%), and Paphos at €48.8 million (18.6%). Notably, each district led with different property types: Famagusta with a €4.2 million hotel, Larnaca with a €9 million field, Limassol with €28 million in offices, Nicosia with €9.7 million in offices and shops, and Paphos with a €7.7 million hotel.
The report also includes details on the ten highest-value property sales for June 2024. The most expensive June sale was an office and retail building in Ayioi Omologites, Nicosia, which sold for €9.7 million. Larnaca led June with five transactions in the top ten, followed by Limassol with three and Nicosia with two. The June sales featured a variety of property types, including fields, industrial buildings, land, apartments, houses, and mixed-use buildings.
Pavlos Loizou, CEO of Ask Wire, commented, “The data reveals that Limassol is the primary hub for high-value real estate transactions in the first half of 2024. The variety of property types attracting buyers, especially offices, commercial spaces, and shops, is noteworthy. We anticipate continued investment and development in the coming years as these properties are further developed by their new owners.”
Source: Cyprus Mail