Berkos Properties & Development

Limassol property sales near half a billion in second quarter of 2023

Real estate sales in Limassol rose to nearly half a billion euros in total value during the second quarter of 2023, according to a report released on Tuesday by Cypriot firm Ask Wire, a company that combines real estate expertise with advanced analytics.

The report highlighted the fact that the majority of buyer interest is directed towards apartments valued between €100,000 and €500,000, while most home sales fall in the €300,000 to €500,000 range.

Limassol, known for its vibrant real estate market, accounted for 34.6 per cent of the total sales volume and a substantial 46.7 per cent of the total sales value for land across Cyprus during this period.

A total of 1,383 properties, spanning four main categories (houses, apartments, land, and fields), were sold, amounting to a staggering €437.9 million.

Commenting on the findings, Pavlos Loizou, CEO of Ask Wire, said that “the analysis of the data concerning the Limassol district confirms its distinctiveness compared to the other districts of Cyprus’ government-controlled areas”.

“At the same time, it also confirms its significance for the real estate market and the country’s economy,” Loizou stated.

“It is also evident that there is an increased cost for property acquisition due to the city’s role as a business centre hosting dozens of foreign companies with thousands of employees,” he added, while also noting that “many apartments and houses are being sold at prices exceeding €1 million”.

The report showed that Limassol secured its position as a key player in Cyprus, capturing 26.6 per cent of the country’s apartment sales volume.

Notably, the majority of buyers in the Limassol district were interested in apartments priced between €100,000 and €500,000, with a remarkable 80 per cent of such apartments finding new owners within this price range.

Specifically, 29.9 per cent of sales were apartments valued between €100,000 and €200,000, 27.9 per cent ranged from €200,000 to €300,000, and 24.4 per cent were apartments priced from €300,000 to €500,000.

Limassol also recorded the sale of 29 apartments priced over €1 million, with the highest-priced apartment fetching €10.3 million.

What is more, most home sales in the Limassol district revolved around properties valued between €300,000 and €500,000, accounting for 28.8 per cent of total sales.

Furthermore, 15 houses with price tags exceeding €1 million were sold during the second quarter of 2023.

The housing market in Limassol represented 26.9 per cent of the country’s total sales volume and 35.8 per cent of the total sales value.

The report also revealed that nearly seven out of ten fields sold in the Limassol district during the second quarter of 2023 were priced below €50,000, with the majority (242 fields and parcels) being sold for less than €25,000.

Analysing the sales based on area, it’s apparent that 25 per cent of the sales corresponded to fields with an area of up to 1,000 square meters. A total of 68 fields exceeded 10,000 square meters.

Limassol’s share in the field sales market on the island stood at 34.6 per cent in terms of volume and an impressive 46.7 per cent in terms of value.

The Limassol district also dominated the plot sales market, contributing 28.7 per cent of the sales volume and 38.6 per cent of the sales value recorded across Cyprus during the second quarter of the year.

Approximately half of the plots sold were valued between €50,000 and €200,000, while the most expensive plot was acquired for €5.9 million.

Moreover, Limassol reported the sale of 51 plots exceeding 1,000 square meters, accounting for 27.9 per cent of the total.

These figures highlight the continued growth and appeal of the Limassol real estate market in Cyprus, attracting both local and international investors looking for a diverse range of property options.