Ask Wire: Property sales reach €0.5bn in Limassol in Q2 2023
14:34 - 12 September 2023
A total of 1,383 properties worth a total of €437.9 million were sold in Limassol in the second quarter of 2023 according to Ask Wire, a company that combines expertise in the real estate sector with the use of technology.
As can be seen from the analysis of the data, during the reporting period, 499 apartments, 271 houses, 430 fields and 183 plots were sold in the city and district of Limassol. The value of the apartments sold reached €197.2 million, the houses €115.8 million, the fields €75.5 million and the plots €49.35 million.
Limassol gathered 26.6% of the volume of apartment sales in Cyprus. The greatest interest of buyers in the Limassol district is focused on apartments worth €100,000 - €500,000 as eight out of ten apartments were sold at these prices. In particular, 29.9% of sales concerned apartments worth €100,000 - €200,000, 27.9% apartments worth €200,000 - €300,000 and 24.4% apartments worth €300,000 - €500,000. In Limassol, 29 apartments worth more than €1 million were sold. The most expensive apartment was sold for €10.3 million.
Most house sales in the Limassol district concerned values of €300,000 - €500,000. At these prices, 78 houses were sold, corresponding to 28.8% of the total. 15 houses were sold for values over €1 million, with the most expensive being sold for €10 million. The purchase of houses in the Limassol district in the 2nd quarter of the year corresponds to 26.9% of the total volume of sales in Cyprus and to 35.8 % of value.
Almost seven out of ten plots sold in the second quarter of 2023 in the Limassol district were worth up to €50,000, while most of them (242 plots/ lots) were sold at prices below €25,000. In the analysis of sales based on the area, it appears that ¼ of the sales correspond to fields up to 1000 square metres. A total of 68 fields were larger than 10,000 square metres. Limassol collected 34.6% of the volume and 46.7% of the value of Cyprus-wide field sales.
Plots of land
The province of Limassol gathered 28.7% of the volume and 38.6% of the value of plots sold throughout Cyprus during the second quarter of the year. One out of every two plots sold was worth €50,000 - €200,000, while the most expensive plot was sold for €5.9 million. In Limassol, 51 plots of land over 1000 square metres were sold, a number that corresponds to 27.9% of the total.
Pavlos Loizou, CEO of Ask Wire, commenting on the above data, stated that, "From the analysis of the data concerning the province of Limassol, its diversity is confirmed compared to the other provinces of the free Cyprus and at the same time its importance for the real estate market and the economy of the country. At the same time, the increased cost of buying a property is clearly visible as the city functions as a business center hosting dozens of foreign companies with thousands of employees. It is characteristic that many apartments and houses are sold at prices of over a million."