Consulting company Ask WiRE conducted a new study analyzing the number and age of buildings in Limassol, as well as the development trends in its neighborhoods.
According to the report, there are currently 52,259 buildings in Limassol, and only 806 buildings are less than 10 years old.
In the category of 10 to 20 years, there are 1,503 buildings, while in the 20 to 30-year category, there are 11,264. The number of buildings between 30 and 50 years old is 18,571, and there are 20,115 buildings older than 50 years.
Ask WiRE noted that the largest concentration of older buildings in Limassol is in the city center, while newer buildings are located on the outskirts.
From January 2022 to March 2023, construction of 163 buildings started in Limassol.
Out of these, 65 (40%) are located in the Limassol municipality, 29 (18%) in the Germasogeiamunicipality, and 21 (13%) in the Agios Athanasios municipality.
Interestingly, there has been an increase in residential development in the western districts of Limassol, especially in Erimi and Zakaki (near the new resort-casino). In the eastern part of the city, the Agia Fyla tourist zone and areas around Papas supermarket are experiencing the most construction activity.
Ask WiRE also highlighted that considering the significant population growth in Limassol in 2022, with a large portion of the approximately 40,000 people who arrived in Cyprus settling there, it becomes clear why property purchase and rental prices have increased.
According to Ask WiRE data for the first quarter of 2023, rental prices for apartments and houses in Limassol increased by 1.78% and 4.17% respectively compared to the previous year. The purchase prices of apartments and houses rose by 3.29% and 2% respectively.
For detailed information about all the projects in Limassol, you can contact the specialists at the number +357 25 212 212 of the number one real estate agency in Cyprus, DOM, or arrange a personal meeting at Demetri Psatha 24, Kolonakiou 4102, Limassol, Cyprus.