In November 2023, Cyprus’s real estate market experienced a thriving high-end market with €22 million in high-value transactions. Limassol led the way with €9.56 million in sales, followed by Nicosia with €4.23 million, highlighting the ongoing demand for luxury properties in Cyprus’s dynamic regions.
What were the highlights of Cyprus’s real estate market in November 2023?
In November 2023, Cyprus’s real estate market showcased a strong performance with €22 million in high-value transactions. Key highlights included:
- A €4.8 million mixed-use building in Paralimni as the top sale.
- Limassol leading with four sales totaling €9.56 million.
- Nicosia following with three transactions worth €4.23 million.
- A significant €52 million total for the top 50 property sales.
A Thriving High-End Market
The real estate market in Cyprus experienced a notable uptick in high-value property transactions throughout November 2023. Data compiled by Ask Wire, a Cypriot company that expertly blends real estate know-how with advanced technological analysis, painted a picture of a bustling market. The most expensive sale recorded was a versatile mixed-use building in Paralimni, which alone accounted for €4.8 million of the month’s transacted amount.
In total, Ask Wire identified the ten priciest property sales for November, summing up to an impressive €22 million. This substantial figure underscores the vitality and attractiveness of Cyprus’s real estate sector, particularly in its luxury segment.
Regional Highlights
The island’s real estate landscape saw disparity in the distribution of these high-profile sales. Limassol, a district well-known for its luxury developments and cosmopolitan allure, led the charge with a significant presence in the top ten transactions. Four high-value sales contributing to a cumulative total of €9.56 million signified a concentrated interest in the region’s properties.
Following Limassol, the capital city of Nicosia also demonstrated its market strength with three transactions amounting to €4.23 million. Meanwhile, Larnaca and Famagusta, with one top-tier sale each, showed that the appeal of Cyprus real estate is not limited to its main urban centers. The sale in Famagusta matched the highest individual price tag for the month, equaling the €4.8 million mixed-use building in Paralimni.
The Bigger Picture
Zooming out, we see that the top 50 property sales in November reached a collective value of €52 million. Limassol and Nicosia, both hubs of financial and commercial activity, accounted for 51 percent of this impressive figure. These numbers suggest a strong, ongoing demand for high-end properties in Cyprus’s most dynamic regions.
Pavlos Loizou, the Managing Director of Ask Wire, commented on the brisk activity, noting the significant movement within the high-value property market segment. The data indicated an encouraging trend for the industry with 19 properties valued above €1 million. Additionally, several sales were distributed across the €700,000 to €999,000 range, emphasizing the depth and variety of the high-stakes property landscape in Cyprus.
Market Dynamics
This recent surge in upmarket property transactions could be indicative of growing investor confidence and an increasing appetite for luxury real estate on the island. Cyprus’s strategic location, attractive tax regime, and quality of life are factors that continually draw in high-net-worth individuals and investors. The market dynamic in November suggests that despite global economic headwinds, Cyprus remains a sought-after destination for real estate investment, particularly in the luxury segment.
What were the highlights of Cyprus’s real estate market in November 2023?
The highlights of Cyprus’s real estate market in November 2023 were:
- A €4.8 million mixed-use building in Paralimni as the top sale.
- Limassol leading with four sales totaling €9.56 million.
- Nicosia following with three transactions worth €4.23 million.
- A significant €52 million total for the top 50 property sales.
What were the regional highlights of the real estate market in Cyprus?
The regional highlights of the real estate market in Cyprus were:
- Limassol had the highest number of high-value sales, with four transactions totaling €9.56 million.
- Nicosia had the second-highest number of transactions, with three sales worth €4.23 million.
- Larnaca and Famagusta each had one top-tier sale, showcasing the appeal of Cyprus real estate beyond the main urban centers.
What is the significance of the top 50 property sales in November?
The top 50 property sales in November reached a collective value of €52 million. Limassol and Nicosia accounted for 51 percent of this total, indicating a strong demand for high-end properties in Cyprus’s dynamic regions.
What does the recent surge in upmarket property transactions indicate about the real estate market in Cyprus?
The recent surge in upmarket property transactions suggests growing investor confidence and an increasing appetite for luxury real estate in Cyprus. The country’s strategic location, attractive tax regime, and quality of life continue to attract high-net-worth individuals and investors. Despite global economic headwinds, Cyprus remains a sought-after destination for real estate investment, particularly in the luxury segment.
