Ask Wire has published a new report analysing property sales in Cyprus' largest cities.
It turns out that Limassol and Nicosia attract completely different categories of buyers.
It is worth noting that in their analysis, the experts used data from the Cyprus Land Department on flat sales between January 2019 and August 2024 (a period of more than five and a half years).
During this period, 13,415 flat sales transactions were concluded in Nicosia with a total value of €2.1 billion, while 13,092 flats were sold in Limassol with a total value of €5.1 billion.
The market for expensive luxury apartments is particularly well developed in Limassol, where the volume of sales in this category is almost nine times higher than in Nicosia.
On the other hand, the capital is attracting those interested in affordable housing. The number of transactions for the sale of such properties was twice as high in Nicosia than in Limassol during the period under review.
A closer look reveals that between January 2019 and August 2024, 2,174 sales contracts were signed for luxury apartments in Limassol, with prices ranging from €500,000 to €5 million. The total amount of luxury apartments sold was €2.6 billion. According to Ask Wire, the city has established itself as an ideal place to live among wealthy foreign buyers.
In the same period, Limassol sold 5,451 properties for a total of €774 million, with prices ranging from €50,000 to €200,000.
Nicosia, on the other hand, has become the driving force behind the budget flat market. Between January 2019 and August 2024, 11,050 contracts were signed in the Cypriot capital for the sale of flats priced between €50,000 and €200,000. Total sales of such properties reached €1.3 billion.
In Limassol, on the other hand, the total number of luxury flats sold for between 500 thousand euros and 5 million euros was only 242 units and their value reached 205 million euros.
Interestingly, there were also significant differences in the sales of mid-priced apartments in the two cities. In Limassol, 5 467 flats costing between 200 000 and 500 000 euro were sold during the period. And in Nicosia - 2,123 for a total of 577 million euros.
Developers in Limassol can capitalise on the demand for expensive apartments by offering high quality, diverse options that meet the expectations of international investors seeking exclusivity and an attractive lifestyle. For those targeting Nicosia, mid-range projects tailored to the needs of entrepreneurs and households can offer stable returns," concludes Pavlos Loizou, head of Ask Wire.