Ask WiRE: €70,000 - €150,000 apartments in greater Nicosia are easy to sell
09:03 - 10 March 2023
Ask WiRE, a company that combines Real Estate expertise with the use of technology, has developed a new innovative tool, which analyses data in the real estate market.
The model considers numerous factors, such as the density (supply) of properties in different areas, the number of sales in the last five years, and transactions by property type and value.
Afterwards, it creates a rating scale (0-10) for each area, based on the range of selling prices. As a result, useful conclusions are drawn about the supply and demand of real estate and the values traded by region, to assess the liquidity of each property (i.e., how "easy to sell" each property is, per region and price).
As it appears from the analysis of the apartment market data, in the city and suburbs of Nicosia the most liquid apartments are in the municipalities of Nicosia and Strovolos, with a price range of €70,000 - €150,000.
Demand is high in all price categories in the areas/Municipalities found in the centre and close to the centre ring. Within their geographical boundaries, Nicosia, and to a greater extent, Strovolos present the highest degree of liquidity of apartments of all price categories with the relative index being above 6. Aglantzia, Lakatamia, and Engomi are three municipalities in which sales are also recorded in the all-category prices, with the difference that in the categories from €250,000 and above the density decreases from 4 and below. Municipalities of Agios Dometios and Latsia present sales in the entire price range, nevertheless the relative index is 5 in the €70,000 - €150,000 value category, 4 in the €150,000 - €250,000 category, and 2 in all higher value apartment categories. The fourth subcategory condenses the municipalities of Geri, Dali, and Tseri where the density of apartment sales is low from 0 to 2.
Pavlos Loizou, CEO of Ask WiRE, commented that “Ask WiRE's Data Analytics team has created a powerful tool, which can be useful to many of the participants in the real estate market, such as portfolio managers, investors, and bankers. It enables them to have a complete picture and evaluate the data before making their decisions regarding the liquidity of their investment or collateral. This is particularly important when calculating the time and possible reduction in price to sell a property within a certain time horizon."