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12° Nicosia,
21 May, 2024
 
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Apartment sales unveiled. Province-by-province price insights

From Nicosia to Famagusta, we unravel Cyprus' apartment market trends

Andreas Andreou

Andreas Andreou

Today, we are launching a brief series of articles aimed at examining sales prices through a simple province-to-province comparison. Later in the article, we will expand this comparison to different time periods, in an attempt to capture any observed variations.

Before proceeding, it's worth noting that these analyses are grounded in sales data documented through transfers at the Department of Land and Survey. Sales deed filings have not been included, as the information within these filings isn't always complete or confirmed. Additionally, please bear in mind that the sales and transfers being discussed pertain to the period between January and August 2023.

An area of lively discussion among individuals centers on the prices of apartment sales. Apartments, as a housing option, are favored by buyers due to their relatively lower absolute sales prices—though this is not to say there aren't other factors contributing to this preference. Housing stands as the second choice, and purchasing land for the purpose of constructing a house is now third in line.

So, what does the landscape of apartment sales prices by province look like for the first 7.5 months of this year?

As mentioned in various articles, this year hasn't been the most favorable for Nicosia province. Nonetheless, 436 apartments of varying sizes and qualities were sold. The average selling price stood at €131,000, which equates to €1,590 per square meter. The least expensive apartment was sold for €31,000, or €700/sq.m., in Pachyammos, while the most expensive commanded €595,000, or €2,705/sq.m. The median price settled at €125,000.

Within the Limassol district, 316 apartments were sold. The median sale price reached €250,000, translating to €2,645 per square meter. The cheapest apartment sold for €55,000, or €1,010/sq.m., while the most expensive one fetched €3,000,000, or €13,500/sq.m., in Yermasogeia. The median price was €210,000.

In the Larnaca province, 323 apartments were sold. The median sale price amounted to €108,500, or €1,365 per square meter. The least expensive apartment went for €35,000, or €2,190/sq.m., and the priciest one fetched €400,000, or €4,000/sq.m. The median price stood at €110,000.

Turning to Paphos province, 339 apartments were sold. The average selling price was €119,700, corresponding to €1,610 per square meter. The least expensive apartment was priced at €40,000, or €1,180/sq.m., while the highest fetched €315,000, or €3,425/sq.m. The median price reached €120,000.

Famagusta province saw 114 apartments sold, with the median sale price reaching €99,100, or €1,380 per square meter. The most affordable apartment went for €37,000, or €735/sq.m., while the costliest one reached €200,000, or €1,355/sq.m. The median price was €95,000.

It's important to recognize the relativity of what constitutes cheap and expensive, whether in absolute numbers or prices per square meter. The two aren't necessarily correlated.

For instance, while the priciest apartment in Nicosia was sold for €595,000 in absolute terms, it wasn't the most expensive in terms of price per square meter—another unit commanded €3,115/sq.m. In Limassol, both criteria are aligned. Larnaca's most expensive unit sold for €4,435/sq.m., while Paphos reached €3,730/sq.m. Lastly, Famagusta's top performer hit €2,700/sq.m.

Therefore, careful consideration is required when analyzing and interpreting the data. Enjoy your holidays!

TAGS
Cyprus  |  realestate  |  housing  |  apartments

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