Ask Wire, a real estate and technology expertise company, has conducted an analysis and presented data on property sales in the Limassol district for the third quarter of 2023.
A total of 1235 properties were sold, amounting to €310 million. The breakdown includes 418 apartments, 215 houses, 450 fields, and 152 plots of land, with the following values: apartments at €141 million, houses at €80.8 million, fields at €51.9 million, and plots at €36.3 million.
Apartments
Limassol accounts for 24.3% of the total volume of apartment sales in Cyprus. The primary interest of buyers in the Limassol district is in apartments valued between €100,000 and €500,000, representing 80% of apartment sales. Specifically, 30.4% of sales were for apartments worth €100,000 - €200,000, 28.5% for apartments in the €200,000 - €300,000 range, and 23% for apartments valued at €300,000 - €500,000. Additionally, 23 apartments in Limassol were sold for more than €1 million.
Houses
Most residential sales in the Limassol district fell within the €300,000 - €500,000 value range. A total of 61 houses were sold in this category, accounting for 28.4% of the total. Eight houses were sold at values exceeding €1 million. Property purchases in the Limassol district during the second quarter of the year constituted 26.1% of the total volume of sales nationwide and 32.5% of the total value.
Fields
In the third quarter of 2023, the Limassol district played a significant role in field sales in Cyprus, accounting for 36.3% of the volume and 39.3% of the total value. Notably, nearly six out of ten fields sold in this period in Limassol were valued at up to €25,000. The district also saw six field sales exceeding €1 million, with the highest-priced one reaching €12 million and the second most expensive at €5.6 million. An area-wise breakdown of sales reveals that 25% of sales were for fields up to 1000 square meters, while 75 fields exceeded 10,000 square meters in size.
Land/plots
In the third quarter of the year, the Limassol district held a significant share in land plot sales across Cyprus, representing 25% of the total volume and 33% of the overall value. One in three plots sold fell within the €100,000 - €200,000 price range. Additionally, 42.8% of the plots sold in the Limassol district were sized between 400 and 600 square meters. Notably, 25 plots of land exceeding 1000 square meters in size were also successfully sold.
Commenting on the above data, Pavlos Loizou, CEO of Ask Wire, said: "The Limassol province can also be described as the driving force of the Cypriot real estate market, especially in terms of interest from non-EU investors. Having said that, I would like to point out the slowdown that started to be recorded in the third quarter of the year and it remains to be seen whether this is due to a decrease in the arrival of foreign companies in Cyprus, which affects especially the Limassol market, whether it is a result of inflation and the rise in interest rates or whether it is simply due to the already increased prices in this particular province".
[Source: Ask WiRE]
