In the third quarter of 2023, Nicosia’s real estate market saw a surge in property sales, with a total value of €164.9 million. Apartments were the most popular, accounting for 492 sales worth €81.6 million, followed by houses, plots, and fields.
What is the value of property sales in Nicosia’s real estate market for Q3 2023?
In Q3 2023, Nicosia’s real estate market saw property sales surge to €164.9 million, with 1166 properties sold. Apartments led with 492 sales worth €81.6 million, while houses, plots, and fields also contributed significantly to the total sales value.
Nicosia, the bustling capital of Cyprus, has experienced a significant uptick in property sales, with an astonishing €164.9 million worth of transactions being recorded in the third quarter of 2023. This upsurge in the property market has been highlighted in a recent analysis by the local real estate and technology firm Ask Wire, which has brought to light various trends and insights about the current state of the market.
A Closer Look at the Numbers
In the detailed report unveiled by Ask Wire, it is evident that the Nicosia district is at the forefront of the Cypriot property market boom. A substantial total of 1166 properties were sold across four main categories: houses, apartments, plots, and fields.
Apartment Sales Take the Lead
Apartments are leading the way with 492 sales, contributing €81.6 million to the total value. This marks Nicosia as the district with the highest number of apartment sales, making up 28.6 per cent of Cyprus’s overall property sales. The most popular apartments fall within the €100,000 to €200,000 price bracket, attracting a significant proportion of buyers.
House and Field Market Insights
When it comes to houses, a noteworthy 160 transactions were completed, totaling €37.2 million. The mid-range houses, priced between €100,000 and €300,000, accounted for half of these transactions, with two luxurious abodes selling for over €1 million, indicating a strong high-end market presence.
The sales of fields also presented interesting insights, with 312 sold at a value of €14.1 million. It is particularly interesting to note that the majority of these field transactions took place below the €25,000 mark, with smaller plots of up to 3000 square metres being the most common.
Plot Sales and Trends
In plot sales, Nicosia stands out as the leader in land transactions, with 202 plots changing hands, contributing €32 million in value. The market for plots is diverse, with 39.1 per cent falling within the 400 to 600 square metre range and the majority being sold for prices between €50,000 to €200,000.
Analyzing the Market Dynamics
Pavlos Loizou, the Chief Executive Officer of Ask Wire, shared his insights on the Nicosia real estate market. His analysis pointed out that land sales are a considerable portion of the total volume of transactions, although they only account for 28 per cent of the transaction values. He further emphasized the significance of the apartment sector, which showcases a sharp increase in transaction values.
Loizou stressed the importance of such data-driven analyses for making informed decisions, which is vital for investors, sellers, and banking institutions. These insights not only reflect the current market conditions but also help in predicting future trends and opportunities within the real estate sector.
Market Summary
The third quarter of 2023 has positioned the Nicosia district as a hotspot for property transactions in Cyprus. With a dynamic market for apartments, houses, fields, and plots, the area continues to attract a range of buyers and investors. The comprehensive analysis by Ask Wire underscores the importance of understanding market trends and demonstrates the company’s commitment to providing valuable information that supports sound investment decisions.
Quick Recap
- In Q3 2023, Nicosia’s real estate market saw property sales surge to €164.9 million, with 1166 properties sold.
- Apartments were the most popular category, accounting for 492 sales worth €81.6 million.
- Houses, plots, and fields also contributed significantly to the total sales value.
- Nicosia leads in apartment sales, making up 28.6% of Cyprus’s overall property sales.
- The mid-range houses and smaller plots of land were also in high demand.
