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12° Nicosia,
21 May, 2024
 
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Cyprus Apartment Showdown: Nicosia vs. Limassol

Market trends unveiled for 2022-2023

Andreas Andreou

Andreas Andreou

In our previous report, we delved into a comparative analysis of apartment sales in the Paphos, Larnaca, and Famagusta districts for 2022 and the first 7.5 months of 2023. Today, we shift our focus to the Nicosia and Limassol provinces, two significant players in the local real estate market.

It's worth noting that our analyses are based on sales recorded through transfers at the Department of Land Registry and Land Surveying, excluding sales deed deposits due to potential data inconsistencies.

Nicosia and Limassol districts hold unique positions in the market. They are the largest local markets in Cyprus, driven by distinct demands and supplies, and often the subjects of widespread discussions.

Let's dive into the data and see what it reveals:

Nicosia Province (2022):
- Apartments Sold: Over 870
- Median Sale Price: €130,960
- Average Price per Square Meter: €1,515/sq m
- Highest Apartment Price: €600,000
- Highest Price per Square Meter: €3,083/sq m
- Lowest Apartment Price: €28,000
- Lowest Price per Square Meter: €371/sq m
- Median Price: €130,000
- Average Apartment Area: 81 sq.m.
- Average Covered Terrace: 13 sq.m.
- Average Uncovered Terrace: 7 sq.m.

Nicosia Province (2023 - up to date):
- Apartments Sold: 436
- Average Sale Price: €131,114
- Average Price per Square Meter: €1,586/sq m
- Highest Apartment Price: €595,000
- Lowest Apartment Price: €22,725
- Lowest Price per Square Meter: €625/sq m
- Median Price: €125,000
- Average Apartment Area: 78 sq.m.
- Average Covered Terrace: 12 sq.m.
- Average Uncovered Terrace: 6 sq.m.

While Nicosia shows a slight overall downturn compared to other provinces, it's interesting to note that in the apartment category, prices have either maintained or marginally increased. This could be attributed to residents' inclination toward smaller apartments amid economic uncertainties. Time will tell if this trend continues or shifts due to potential interest rate changes.

Limassol District (2022):
- Apartments Sold: Over 800
- Average Sale Price: €232,887
- Average Price per Square Meter: €2,483/sq m
- Highest Apartment Price: €3,350,000
- Highest Price per Square Meter: €16,260/sq m
- Lowest Apartment Price: €25,000
- Lowest Price per Square Meter: €695/sq m
- Median Price: €185,000
- Average Apartment Area: 84 sq.m.
- Average Covered Terrace: 12 sq.m.
- Average Uncovered Terrace: 5 sq.m.

Limassol District (2023 - up to date):
- Apartments Sold: 316
- Average Sale Price: €250,178
- Average Price per Square Meter: €2,645/sq m
- Lowest Apartment Price: €55,000
- Lowest Price per Square Meter: €1,009/sq m
- Median Price: €210,000
- Average Apartment Area: 88 sq.m.
- Average Covered Terrace: 12 sq.m.
- Average Uncovered Terrace: 6 sq.m.

The Limassol district continues to exhibit resilience in its apartment market, with prices showing upward momentum. However, it's important to monitor potential shifts in the coming months, considering the dynamic nature of the real estate market.

TAGS
Cyprus  |  economy  |  homes

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