An analysis of apartment sales from January 2019 to August 2024 by real estate consultancy Ask Wire reveals a striking difference between the property markets of Nicosia and Limassol.
During this period, Nicosia registered 13,415 apartment sales with a total value of €2.1 billion. In contrast, Limassol recorded slightly fewer sales at 13,092 but reached a significantly higher total value of €5.1 billion, underlining the distinct dynamics of the two cities’ real estate markets.
Limassol has established itself as a hotspot for luxury real estate, with 2,174 high-end transactions in the €500,000 to €5 million range, amounting to €2.6 billion. Additionally, the city saw 5,451 sales in the €50,000 to €200,000 range, worth €774 million. “Limassol provides substantial opportunities for developers catering to the luxury property demand,” said Pavlos Loizou, CEO of Ask Wire.
On the other hand, Nicosia leads in affordable housing, with 11,050 sales in the €50,000 to €200,000 price range, totaling €1.3 billion. In stark contrast to Limassol, the capital recorded only 242 transactions for luxury apartments in the €500,000 to €5 million category, worth €205 million.
The mid-market segment (€201,000 to €500,000) also shows contrasting figures:
These figures highlight the divergent property trends in Cyprus’s capital and coastal city, offering unique opportunities for buyers and developers in each market.
Source: in-cyprus.philenews.com