Cyprus high-value property market drops 31 per cent in November

Cyprus’ ten most expensive property sales during November reached a total value of €24 million, according to real estate analytics firm Ask Wire. The highest-value sale occurred in Limassol, involving offices in the Neapolis area, priced at €4

By: cyprus-mail.com

Jan 03 2025
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Cyprus high-value property mar

Cyprus’ ten most expensive property sales during November reached a total value of €24 million, according to real estate analytics firm Ask Wire.

The highest-value sale occurred in Limassol, involving offices in the Neapolis area, priced at €4.1 million.

The company’s findings for the month in question also revealed a slowdown in high-value property transactions across Cyprus.

Specifically, this segment of the real estate market dropped by 31 per cent month-on-month in November.

Limassol led the rankings, accounting for seven of the top ten transactions with a combined value of €17 million.

The remaining three sales came from Paphos, which contributed €5.1 million, and Nicosia, where a single sale amounted to €2 million.

Across the broader market, the fifty largest transactions totalled €47.3 million.

Of this, 41.6 per cent was attributed to the top ten sales in Limassol, followed by 22.8 per cent in Paphos, 17.5 per cent in Nicosia, and 11.8 per cent in Larnaca.

The Famagusta area controlled by the Republic of Cyprus accounted for 6.2 per cent, representing €2.9 million in sales.

Pavlos Loizou, CEO of Ask Wire, commented on the latest report, noting a significant drop in transaction value.

“The high-value real estate market slowed down in November compared to October, with the value of the top fifty transactions dropping by nearly 31 per cent,” he said.

“This decrease was observed across all districts,” Loizou added.

The Ask Wire CEO also pointed out the growing interest in office spaces, a reflection of the island’s burgeoning business scene.

“The fact that the top three most expensive sales involved office spaces highlights the demand for this category, particularly from foreign companies in Limassol and Paphos,” he remarked.

Despite this, across all categories, residential properties remained the dominant force in Cyprus’ real estate market.

“Residential properties remain the leading category for high-value sales, as 26 houses and apartments were among the top fifty sales,” Loizou concluded.