Despite the gradual increase in the cost of real estate in Cyprus, local and foreign investors continue to actively invest their money in housing, especially in Limassol.
According to Landbank Analytics, which analyzes the situation on the Cyprus real estate market, investors in most cases purchase apartments, not houses. At the same time, they prefer 2- and 3-bedroom apartments.
The most popular area for buying a home in Limassol in all three quarters of 2021 was Germassoia. It accounted for 27% of the total number of transactions.
Next comes Agios Tychonas – 11%, Mesa Geitonia and Agios Athanasios - 7% and 4%, respectively, and others.
Most buyers bought apartments with two and three bedrooms here.
During the reporting period, this category of apartments was the most mobile in the real estate market of all Limassol areas. In total, 335 such apartments were sold in the city for about 58.1 million euros. Nevertheless, there was a decrease in the number of units sold by 16% compared to the previous year, and the cost of housing fell by 37.75%.
In particular, 3-bedroom apartments accounted for 36% of total sales, 2-bedroom apartments - 31%, 1-bedroom apartments - 16%, studios - 11%, and others -6%.
It is noteworthy that the average price of real estate in the Germasogeia area was 2,404 euros per 1 m2.
Next comes Agios Tychonas – 2,227 euros for 1 m2, Agios Athanasios - 2,020 euros for 1 m2. The areas of Mesa Geitonia and Kato Polemidia turned out to be very close to each other in terms of housing prices. The average real estate price was 1,880 euros per 1 m2.
At the same time, the highest price for 1m2 of housing in Limassol during the reporting period was registered again in the municipality of Germasogeia - 6,397 euros.
The brightest among them are:
- Limassol Del Mar. The complex, which consists of two skyscrapers with a height of 17 and 27 floors, is at the final stage of implementation. The total building area is 40 thousand m2.
- The Icon. The high-rise has been commissioned. Its height is 125 m (21 floors). The Imperio company was engaged in the construction of the building.
- Sky Tower. The 23-storey tower with a height of 98 m, belongs to the Prime Property Group company. The final work on the project is currently underway.
- High Life i100. The tower of the DTA Group company has been put into operation. Its height is 23 floors.
- Chr. Athanasiou. Athanasiou Tower is a stunning modern high-rise building with ultra-modern architecture, striking exterior and a surprisingly fresh and detailed approach to design. The building with a height of 13 floors has already been put into operation.
Have you decided to buya property in Cyprus? Contact the DOM Real Estate Agency! The website has a huge selection of real estate - residential and commercial. Experienced agency specialists will be happy to help you make the right choice.
Photos: pixabay.com, DOM