Newsroom
Nicosia topped the charts in March with the most expensive property sale in Cyprus, a whopping €29.3 million office transaction in the central district of Agioi Omologites, according to property data firm Ask Wire.
In its latest report, the company revealed that the ten most expensive property sales across the island last month reached a combined €56.5 million. Nicosia not only led the pack with the top sale, but its overall high-end property activity also outpaced traditional market heavyweight Limassol.
In fact, Limassol was nudged into third place behind Larnaca, with each district securing just three of the top ten biggest sales. Larnaca stood out with four entries, continuing its steady climb in the high-value real estate sector.
Zooming out to the 50 biggest transactions of March, 10 per district, the total value came to €92.7 million. Nicosia’s share of that was nearly half, with €45.5 million worth of top-tier deals. Larnaca followed with €17.4 million (18.8%), just ahead of Limassol’s €16.2 million (17.5%).
Meanwhile, Paphos saw a notable dip in major property transactions, bringing in just €7.1 million (7.7%). Interestingly, the free area of Famagusta wasn’t far behind, with €6.5 million (7%) in sales.
Ask Wire CEO Pavlos Loizou noted that it was a rare month where Limassol fell behind both Nicosia and Larnaca. “Nicosia clearly benefited from the €29.3 million sale, which alone made up over 64% of its top ten,” he said, while also pointing out Larnaca’s continued momentum in the luxury market.
Overall, March saw a 43% jump in the value of the top 50 property deals compared to February. Residential properties made up the majority of high-end sales, but the land market is also heating up, five plots made it into the top ten.
