Limassol continues to dominate high-end property sales

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The ten most expensive property sales in Cyprus amounted to an impressive €16.2 million in April of this year, with Limassol continuing to feature prominently at the higher end of the market, according to a report released on Wednesday by real estate analytics firm Ask Wire.

The highlight of these high-profile transactions was a house in Paphos’ Kouklia, which sold for a staggering €3m.

The report showed that the Limassol district once again dominated the list with six transactions, complemented by Paphos with three sales and Nicosia with one.

The transactions in Limassol alone totalled €10.3m, underscoring its prominence in the high-end market.

Meanwhile, the Paphos district recorded €4.9m worth of transactions, while the capital, Nicosia, recorded a transaction worth €1m.

Among the top sales, a house in Pano Platres, Limassol, fetched €2.6m, making it the second most expensive transaction.

Additionally, Limassol saw a field in Ayios Amvrosios sell for €2.1m and an apartment in Mouttagiaka for €1.73m.

Other notable sales in Limassol included a house and a piece of land in Mouttagiaka and Ayios Athanasios Municipality, respectively.

The Paphos district showcased its luxury market with a €950 thousand house and a €950 thousand field in Kissonerga, adding to the €3m transaction in Kouklia.

In Nicosia, a notable sale was a piece of land in the Municipality of Strovolos, which went for €1m.

In the larger context of the 50 most expensive transactions across the country, the total value reached €35.6m.

The Limassol district again led the charge, contributing 37.1 per cent of this total, followed by Paphos with 27.5 per cent.

The top ten properties in Nicosia were sold for €5.5m, while Larnaca and the free area of Famagusta recorded sales worth €4.1m and €3m, respectively.

When examining the most expensive sale per region, Paphos stood out with the €3m house in Kouklia, which constituted 30.6 per cent of the area’s total sales value.

Limassol’s top sale was the €2.6m house in Pano Platres, representing 19.7 per cent of its total.

Nicosia’s priciest transaction was the €1m land sale in Strovolos, accounting for 18.3 per cent of the province’s total sales.

In Larnaca, the most expensive property was an apartment sold for €590,000, making up 14.4 per cent of the area’s total, while in the free area of Famagusta, a residential property sold for €688 thousand, representing 22.9 per cent of its total sales.

Pavlos Loizou, CEO of Ask Wire, commented on these trends, noting that residential properties dominate the high-end market.

“If we look closely at the 10 most expensive transactions that took place across Cyprus in April, we will observe that six of them involve residential properties (four houses and two apartments), while the most expensive transactions per district, except for Nicosia, also concern residential properties,” Loizou said.

“This trend is even more pronounced in the 50 most expensive sales – 10 per district – as 38 of them involve residential properties,” he added.

“Specifically, 29 houses worth €19.1 million and nine apartments worth €6.1 million were sold. Generally, we see that Limassol continues to hold the lead in high-value property sales,” Loizou concluded.

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