Limassol: A three+ bedroom apartment now costs 30% more than last year

The residents of Limassol could be forgiven for thinking apartments for sale there are gold-plated as their value continues to register an ongoing increase.

Indeed, a steady upward trend is evident in both the prices and volume of apartment sales in Limassol.

Based on Landbank Real Estate Metrics (REM), Landbank Analytics' new tool which presents statistics on the performance and trends of the Cypriot real estate market both globally and by city, there is also a noticeable shift towards larger units.

Leaps in value

The total value of apartment sales in the first quarter of 2023 in Limassol amounted to €20.3 million, recording an increase of 54.7% compared to the first quarter of 2022.

The volume of apartment sales increased by 14.3%, reaching 88, with their total area (square meters) reaching 8,400 sq.m. also recording an increase of 24%.

Increases of up to 29%

The value ​​of apartments in all categories moved upwards, with the exception of studios, in which a 21% decrease in the average price was recorded compared to the first quarter of 2022.

The largest increase, of 29%, was recorded in the average prices of apartments with more than three bedrooms.

For two-bedroom apartments in Limassol, there was an annual increase in the price of 17%, for one-bedroom apartments an increase of 13%, while it is estimated that a three-room apartment costs 5% more compared to the first quarter of last year.

Buyers prefer larger apartments

In terms of the type of apartments sold in the first quarter of 2023 in Limassol, the pie is shared equally by two- and three-bedroom apartments with a percentage of 26% in each category. Apartments with over three bedrooms account for 20% of sales, and one-bedroom apartments for 15%, while studio sales account for 13% of the total apartment sales.

The highest value of €7.1 million was for the sale of apartments with more than three bedrooms, with three-bedroom apartments following at €6.1 million. The sale of two-bedroom apartments in Limassol amounted to €4.3 million, with the sale of one-bedroom apartments reaching €1.8 million and studio sales reaching €1 million.

(Source: InBusinessNews)