Ask Wire conducted a new study in which it analyzed real estate sales in the capital of Cyprus for the third quarter of 2023.
It turned out that 1,166 properties were sold in Nicosia for a total of €164.9 million.
The most sought-after categories were houses, apartments, plots of land, and fields, which accounted for €161.9 million. Looking in more detail, between July and August, 492 sales transactions were concluded in the capital with apartments worth €81.6 million, 160 with houses worth €37.2 million, 312 with fields worth €14.1 million, and 202 with plots of land worth €32 million.
At the same time, Ask Wire noted that Nicosia was the leader in apartment sales in the third quarter in Cyprus. By the way, the capital accounted for 28.6% of total real estate sales. It is noteworthy that the greatest popularity during the period under review with investors enjoyed apartments costing from 100 thousand euros to 200 thousand euros. This segment accounted for almost six out of ten sales. In turn, half of the sales of houses in Nicosia (81 out of 160) were realized in the price range from 100 thousand euros to 300 thousand euros. The company also noted that between July and September, two houses in Nicosia were sold for more than €1 million.
Eight of the ten fields sold in the third quarter of 2023 in the Nicosia area had a price of up to €50 thousand. However, the largest number of transactions involved (193 fields) properties below 25 thousand euros. Moreover, more than half of the sales were for fields of up to 3 thousand m2, while 30 fields exceeded 10 thousand m2. Nicosia accounted for 25.2% of the total number of field sales and 10.7% of the total value of fields nationwide.
Ask Wire also mentioned that Nicosia was the leader among other cities in the third quarter in terms of land sales. Six out of ten plots of land sold were in the range of €50,000 to €200,000. But transactions were dominated by plots between 400m2 and 600m2, which accounted for 39.1% of the total volume of properties sold.
The total volume of transactions in Nicosia in the third quarter of this year was significantly influenced by the sale and purchase of land plots (44% of the total volume), although the value of these transactions amounted to only 28%. As we have repeated many times, our analysis allows investors, sellers, and banks to draw appropriate conclusions, allowing them to base their decisions on real data, - said Ask Wire CEO Pavlos Loizou.
As a reminder, Ask WiRE Data Analytics team has created a powerful tool that can be useful for many real estate market participants: portfolio managers, investors and bankers. It allows you to have a complete picture and evaluate data before making decisions regarding the liquidity of investments, which is especially important when calculating the timing and possible decline in real estate sales price over a certain time horizon.