A report released by Cypriot firm Ask Wire has revealed that real estate sales in Limassol reached a total value of nearly half a billion euros during the second quarter of 2023. Limassol, known for its vibrant real estate market, accounted for 34.6 percent of the total sales volume and an impressive 46.7 percent of the total sales value for land across Cyprus during this period.
The report showcased that the majority of buyer interest in Limassol is directed towards apartments valued between €100,000 and €500,000, with most home sales falling in the €300,000 to €500,000 range. A total of 1,383 properties, spanning four main categories (houses, apartments, land, and fields), were sold, amounting to a staggering €437.9 million.
Pavlos Loizou, CEO of Ask Wire, commented on the findings, emphasizing Limassol's significance in the real estate market and the country's economy. He noted that Limassol's role as a business center, hosting numerous foreign companies with thousands of employees, has led to increased property acquisition costs, with many apartments and houses being sold at prices exceeding €1 million.
The report highlighted that Limassol secured its position as a key player in Cyprus, capturing 26.6 percent 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 percent of such apartments finding new owners within this price range.
Furthermore, Limassol recorded the sale of 29 apartments priced over €1 million, with the highest-priced apartment fetching €10.3 million.
In terms of houses, most home sales in the Limassol district revolved around properties valued between €300,000 and €500,000, accounting for 28.8 percent of total sales. The housing market in Limassol represented 26.9 percent of the country's total sales volume and 35.8 percent of the total sales value.
The report also delved into field and plot sales in Limassol. It revealed that nearly seven out of ten fields sold in the Limassol district during Q2 2023 were priced below €50,000, with the majority being sold for less than €25,000. Limassol's share in the field sales market on the island stood at 34.6 percent in terms of volume and an impressive 46.7 percent in terms of value.
Limassol also dominated the plot sales market, contributing 28.7 percent of the sales volume and 38.6 percent 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.
These figures underscore the continued growth and appeal of the Limassol real estate market in Cyprus, attracting both local and international investors seeking a diverse range of property options.
By fLEXI tEAM