Limassol Dominates March’s High-Value Property Sales Transactions
The real estate market in Cyprus has witnessed a significant transaction with the sale of an office building in Potamos Germasogeia, Limassol, for a staggering €28 million. This sale not only topped the list of property sales transactions for March but also contributed to the hefty total of €48.1 million accounted for by the top ten most expensive sales.
Ask Wire, a pioneer in integrating real estate acumen with cutting-edge technology, has reported that the 50 largest property sales transactions in March amassed over €78 million. Their analysis highlights the concentration of high-value real estate sales within specific regions of Cyprus, with Limassol leading the pack.
Out of the top ten property sales transactions, Limassol claimed four spots, totaling €36.1 million. This is a significant margin compared to other regions, with Nicosia and Paphos each recording €4.2 million from their top two sales and Larnaca following closely at €3.7 million.
The diversity of property types sold during this period is notable, ranging from office complexes and residential properties to plots of land and apartments. The most expensive real estate sales included an office complex in Limassol at the forefront, followed by a residential property and a plot of land in the same district.
Further down the list, a building in Paphos fetched €2.7 million, while a warehouse in Nicosia and a piece of land in Larnaca also made significant contributions to the month’s total with sales of €2.4 million and €2.3 million, respectively.
An analysis by Ask Wire reveals that over half the value of the top 50 transactions was concentrated in Limassol, with properties in this district totaling €43 million. In contrast, Paphos, Nicosia, and Larnaca trailed with total sales of €10.6 million, €10.3 million, and €8.7 million respectively for their ten most expensive properties.
Pavlos Loizou, CEO of Ask Wire, commented on the impact of the record-breaking sale in Limassol, noting its significant contribution to both local and nationwide property sales figures for March. He pointed out that this single transaction accounted for more than 65 percent of Limassol’s top ten sales and about 36 percent of the entire country’s 50 most expensive sales for the month.
Loizou also observed that, with the exception of the free area of Famagusta, all regions have been active participants in the market’s top-tier sales since February, indicating a robust and diverse real estate sector across Cyprus.
