During the third quarter of 2023, the Nicosia district in Cyprus experienced a vibrant real estate market, with residential sales totaling €118.8 million, according to a detailed report from Cypriot firm Ask Wire. This comprehensive analysis delves into the intricacies of property market transactions in the Cypriot capital, shedding light on sales volume and value across various property categories, including houses, apartments, plots, and fields.
The report reveals that a total of 1,166 properties changed hands in the city and the Nicosia district, amassing a combined value of €164.9 million. Breaking down these figures, the Nicosia district played a pivotal role in the real estate landscape, witnessing the sale of 492 apartments, 160 houses, 312 fields, and 202 plots.
In terms of value, apartments led the way with €81.6 million, followed by houses at €37.2 million, plots at €32 million, and fields at €14.1 million. Significantly, the Nicosia district claimed the top spot nationwide in apartment sales during the third quarter, constituting 28.6% of the total property sales in the country.
Digging deeper into the data, the report highlights that apartments priced between €100,000 and €200,000 were particularly popular, representing a substantial portion of apartment sales. Similarly, the house market in the Nicosia district was characterized by transactions in the €100,000 to €300,000 price range, capturing half of the total house sales. Notably, high-end house sales exceeding €1 million comprised 19.4% of the total sales volume and 15% of the total value.
In the field category, a majority of transactions involved fields valued at up to €50,000, with a significant number occurring below the €25,000 mark. Fields measuring up to 3,000 square meters constituted over half of the sales, while larger plots exceeding 10,000 square meters numbered 30.
Nicosia continued its dominance in land sales, representing over a third of all transactions in the third quarter. Six out of ten plots sold were within the €50,000 to €200,000 range, with plots between 400 and 600 square meters comprising 39.1% of the volume.
Pavlos Loizou, CEO of Ask Wire, highlighted the importance of this comprehensive analysis for stakeholders, emphasizing that while land sales significantly influenced the total volume of transactions (44%), their contribution to the total value was 28%. Loizou underscored the increased transaction values, particularly in apartments, where a significant proportion of the population resides.
This in-depth analysis not only provides a nuanced understanding of the real estate market in Nicosia but also serves as a valuable tool for investors, sellers, and banks to make informed decisions based on concrete and detailed data.
By fLEXI tEAM