Cyprus Real Estate: Two-Bedroom Apartments Lead Q4 Sales
The allure of two-bedroom apartments has been particularly strong among property buyers in Cyprus during the fourth quarter of 2023. This trend was highlighted in a recent report by Ask Wire, which has been meticulously tracking the progress of 421 high-end projects throughout the island nation.
As the year came to a close, the real estate market witnessed 240 apartment sales, generating a substantial €154 million in revenue. The month-by-month breakdown reveals a consistent demand with October seeing 89 transactions at €49.6 million, November with a peak of 106 transactions amounting to €76.9 million, and December concluding with 45 transactions totaling €27.2 million.
The focus on residential units revealed a nuanced pricing structure across different apartment sizes. While one-bedroom apartments averaged €2,749 per square meter, their two-bedroom counterparts commanded a slightly higher average of €2,804 per square meter. The premium for space was evident as three-bedroom apartments jumped to an average of €4,293 per square meter, and four-bedroom apartments reached a staggering €15,716 per square meter.
Ask Wire’s comprehensive analysis extends beyond surface trends, offering granular data on aspects such as bedroom count, floor level, and pricing specifics. This level of detail presents an invaluable resource for tracking new developments by unit, developer area, and other criteria.
Projections for the upcoming year suggest the continuation of these trends. In Q4 of 2024, apartment sales are expected to remain robust with one-bedroom units reaching a total value of €13 million at an average price of €247,900. Two-bedroom apartments are projected to see 104 sales, totaling €56 million at an average price of €286,000. Meanwhile, three-bedroom apartments are set to hit a collective value of €45 million with an average selling price of €535,600.
Pavlos Loizou, CEO of Ask Wire, commented on the significance of the data: “It is a tool that irradiates the market and provides investors and developers with the information they dreamed of having.” He emphasized the competitive edge offered by such insights, allowing stakeholders to gauge market dynamics, identify demand shifts, and tailor their strategies effectively.
