Ask Wire has published a new report in which it has analysed the sales of expensive properties in Cyprus and highlighted the biggest deals that were concluded in 2024.
As it turned out, the most expensive property was sold in Limassol - a residential complex in the Kato Polemidia neighbourhood for 39.3 million euros.
At the same time, Limassol was the leader in terms of the number of contracts concluded for the purchase of expensive properties last year. This Cypriot city accounted for 8 out of 10 transactions, with a total value of €176.8 million. In addition to the residential complex, these included:
- An office in the Potamos Germasoya area for €28 million;
- An office building in the Agios Spyridonas area for 24.8 million euros;
- A residential complex in the Moutaiaka area for €18.4 million;
- a commercial building in the Apostolos Andreas area for €17.7m;
- A plot of land in the Zakaki area for €17.2 million;
- An office in the Mesa Getonia area for €16.4 million;
- a restaurant in the Pentacomo area for €15 million.
The top ten most expensive properties also included an office in the Agios Omologetis area of Nicosia for €19 million and a tourist property in the Kato Paphos area of Paphos for €14.3 million. The company noted that in 2024, around 50 properties valued at €500,000 or more were sold in Cyprus for a total of €386.2m. Meanwhile, the ten most expensive properties sold in Limassol accounted for 51.7% of the value of these sales, followed by Nicosia (17.5%), Paphos (16.3%), Larnaca (9.8%) and the free areas of Famagusta (4.7%). In monetary terms, the ten most expensive properties were sold for €199.7 million in Limassol, €62.8 million in Paphos, €37.8 million in Larnaca, €67.8 million in Nicosia and €18.1 million in the free areas of Famagusta.
In addition to the data on the ten most expensive transactions in 2024, ASC Wire also published a report on luxury property sales in December 2024.
The most expensive property was sold for €19 million - an office building in the Agios Omologetis area of Nicosia. Limassol proved to be the leader in the number of luxury property transactions. In December, this Cypriot city accounted for 6 sales and purchases. Another 2 expensive properties were realised in Larnaca and 2 in Nicosia.
The full list of the ten most expensive properties sold in December 2024 is as follows:
- An office building in the Agios Omologetis area of Nicosia for €19 million;
- An apartment in the Pyrgos area of Limassol for €8.75 million;
- A plot of land in the Moni area of Limassol for €7 million;
- a hotel in the Skala area of Larnaca for €6.7 million;
- A house in the Agios Tikhonas area of Limassol for €3.5 million;
- A commercial building in the Skala area of Larnaca for €3.4 million;
- A house in the Moutaiaka area of Limassol for €2.7 million;
- a plot of land in the Agia Fila area of Limassol for €2.4 million;
- A plot of land in the Strovolos area of Nicosia for €2.3 million;
- An apartment in the Potamos Germasoya area of Limassol for €2.3 million.
Ask Wire CEO Pavlos Loizou said the luxury property market in Cyprus continues to grow. He said that the four largest office property transactions in 2024 accounted for 42% of the ten most expensive sales. He believes that despite market fluctuations, investors are still willing to invest in premium projects. He predicts that interest in key premium assets will only intensify in 2025.