In January 2024, Cyprus saw its top ten property sales reach a total of €14.3 million, with Limassol leading the pack boasting the highest sale of €2.97 million in Potamos Germasogeias. The vibrant real estate market showcased a diverse range of high-ticket transactions across regions, indicating a robust start to the year in the Cypriot property landscape.
What were the most expensive property sales in Cyprus in January 2024?
The ten most expensive property sales in Cyprus in January 2024 totaled €14.3 million. The top sale was a property in Potamos Germasogeias, Limassol, for €2.97 million. Limassol led with 5 sales, followed by Larnaca and Paphos with 2 each, and Nicosia with one significant sale.
Overview of the Property Market
Announced last Friday by Ask Wire, a leading analytics firm in the Cypriot real estate realm, a staggering €14.3 million was cumulatively fetched by the ten most expensive properties sold in Cyprus during January 2024. The record-breaking transaction was for a combination of land and a building in the Potamos Germasogeias area of Limassol, closed at an impressive €2.97 million. The market, displaying a diversity of high-ticket real estate, witnessed transactions spanning across the island, signaling a robust start to the year in this sector.
Further, January’s top 50 real estate deals in Cyprus amassed a total of €34.4 million, which underscored the healthy appetite for premium property among investors. Such figures are a testament to the country’s growing real estate landscape and the confidence investors place in the Cypriot market.
Regional Market Highlights
Limassol, Cyprus’ cosmopolitan hub, unsurprisingly topped the charts with five out of the ten most expensive sales. This city is known for its vibrant lifestyle, luxury developments, and attractive beaches, and thus has always been a hotspot for high-value transactions. The total value of Limassol’s transactions reached €7.54 million, reflecting the city’s dominance in the market.
Following Limassol, Larnaca and Paphos each contributed two sales to the top ten list, with total values of €2.68 million and €3.1 million, respectively. Nicosia, the capital, though trailing behind with one sale, still showcased a notable transaction of €990,000. These numbers not only illustrate the geographical spread of the market but also highlight the distinct appeal that each Cypriot region has for property buyers.
District-Wise Performance
An in-depth district analysis revealed that Limassol’s real estate market was the frontrunner with €11 million in transactions. Paphos followed with €7.7 million, and Larnaca was close behind at €7.3 million. Additionally, Nicosia and Famagusta districts recorded noteworthy figures with transactions totaling €5.5 million and €2.8 million, respectively.
The figures are a clear indicator of the market’s dynamics, with Limassol commanding a 32% share of the total transaction value, underscoring its leading position in Cyprus’s luxurious property segment. Moreover, when comparing the value of the top ten properties in Paphos with those in Larnaca, Paphos edged ahead slightly, an interesting twist in the friendly rivalry between the two regions for attracting high-value real estate deals.
Expert Insights
Pavlos Loizou, the CEO of Ask Wire, shared insights into the market’s current state, noting that the high-value real estate segment had a “moderate start” in the first month of 2024. The price points within the top ten sales, particularly those ranked 7th to 10th, were below the €1 million mark, indicating a range of investment opportunities within the high-value market. Loizou’s observations suggest a competitive and varied market, hinting at an engaging year ahead for real estate in Cyprus.
In closing, Loizou left a note about the ongoing competition between Larnaca and Paphos in attracting high-value property transactions. As this competitive landscape unfolds, industry watchers are curious to see whether Nicosia will rise in the ranks, potentially altering the existing market hierarchy.
What were the most expensive property sales in Cyprus in January 2024?
The ten most expensive property sales in Cyprus in January 2024 totaled €14.3 million. The top sale was a property in Potamos Germasogeias, Limassol, for €2.97 million. Limassol led with 5 sales, followed by Larnaca and Paphos with 2 each, and Nicosia with one significant sale.
What is the overview of the property market in Cyprus in January 2024?
In January 2024, the top ten property sales in Cyprus amounted to €14.3 million, with Limassol leading the market with the highest sale of €2.97 million. The total of the top 50 real estate deals in Cyprus reached €34.4 million, indicating a healthy appetite for premium properties among investors and a robust start to the year in the Cypriot real estate landscape.
What were the regional market highlights in Cyprus in January 2024?
Limassol had the highest number of top property sales in January 2024, with five transactions totaling €7.54 million. Larnaca and Paphos followed with two sales each, while Nicosia had one significant sale. The geographical spread of high-ticket transactions showcased the distinct appeal of each Cypriot region to property buyers.
What were the district-wise performances in Cyprus in January 2024?
An analysis of the districts revealed that Limassol led with €11 million in transactions, followed by Paphos with €7.7 million and Larnaca with €7.3 million. Nicosia and Famagusta districts also recorded notable figures. Limassol commanded a 32% share of the total transaction value, highlighting its dominance in the luxurious property segment, while Paphos slightly edged ahead of Larnaca in attracting high-value real estate deals.
