Buyers prefer luxury flats in Limassol and more affordable ones in Nicosia - report

08:06 - 24 December 2024

Real Estate

The number of apartments sold in Nicosia, worth a total of €2.1 billion, rose to 13,415 between January 2019 and August 2024, while the number of apartments sold in Limassol, worth a total of €5.1 billion, rose to 13,092.

According to a report by Ask Wire citing data from the Department of Lands and Surveys, the market for high-value luxury apartments is particularly well-established in Limassol, where sales volume is almost nine times higher than in Nicosia. However, Nicosia has a strong position in the affordable housing market, with twice as many transactions as in Limassol.

Limassol’s dominance in the luxury apartment market is reflected in the 2,174 transactions completed between January 2019 and August 2024, in the €500,000-€5 million range, worth a total of €2.6 billion.

During the same period, apartment purchases in the lower price range of €50,000-€200,000 attracted 5,451 transactions, worth €774 million.

Nicosia is the driving force behind the more affordable apartment market, with more than 11,000 transactions in the €50,000-€200,000 range.

As prices increase, demand in Nicosia decreases, unlike in Limassol, where buying interest also records significant performance in apartments with values ranging from €201,000 to €500,000.

Ask Wire CEO Pavlos Loizou said that land developers in Limassol can capitalize on this demand for high-value apartments, offering high-quality, diversified options that meet the expectations of international investors seeking exclusivity and an attractive lifestyle.

As regards Nicosia, mid-scale developments, tailored to the needs of entrepreneurs and households, can offer stable earnings.

Buyers prefer luxury flats in Limassol and more affordable ones in Nicosia - report

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