Coronavirus Pandemic Not Able to Reduce Demand for Real Estate in Nicosia

Глобальная пандемия коронавируса не смогла снизить спрос на недвижимость в Никосии
28 February 2022 Liza Medvetskaya
2713

The global coronavirus pandemic has failed to reduce the demand for real estate in the capital of Cyprus – Nicosia. Moreover, over the past two years, the interest from buyers, on the contrary, has grown significantly.

It is noteworthy that in 2020-2021, the most real estate transactions were closed in the municipality of Nicosia (815), followed by the municipalities of Strovolos (734), Lakatamia (488), Latsia (288) and Aglandjia (279).

On the other hand, the lowest sales figures were recorded in the municipalities of Tseri (126), Agios Domestos (137), Geri (155), Engomi (190) and Dhali (218).

Compared to 2020, the largest sales growth in 2021 was recorded in the municipalities of Tseri (+220%), Geri (+160.47%), Dhali (157.38%), Lakatamia (+75.71%). As for the rest of the municipalities, sales in Latsia increased by 59.46% over the year, in Engomi - by 40.51%, in Strovolos - by 32.28%, in Aglandjia - by 25%.

As for average real estate prices, the maximum value was recorded in the municipality of Engomi — 254,978 euros compared to 175,104 euros in 2020 (+45.62%). In second place was the municipality of Strovolos — 235,694 euros. The top five also included the municipalities of Lakatamia (184,197 euros), Latsia (168,133 euros) and Aglandjia (161,860 euros).

On the contrary, the lowest average property price in 2021 in Nicosia was recorded in the municipality of Tseri (129,927 euros). It is followed by the municipality of Dhali (136,226 euros), Nicosia (150,454 euros), Geri (152,049 euros) and Agios Domestos (158,415 euros).

An increase in average real estate prices in 2021 was recorded in 6 municipalities of the Cypriot capital.

Engomi Municipality became the leader (+22.7%). The six also included: the municipalities of Strovolos (+16.72%), Aglantia (+15.17%), Lakatamia (+13.8%), Agios Dometios (12.28%) and Latsia (1.13%). 

The largest decrease in the average sale price of all types of real estate was recorded in the municipality of Dhali (-23.03%), Tseri (-18.08%), Nicosia (-2.17%) and Geri (-0.22%).

Finally, as for the average sale price of real estate in Nicosia over the last two years, in the municipalities of Engomi and Strovolos, it amounted to 221,767 euros and 221,162 euros, respectively. In Lacatamia, this figure was equal to 176,098 euros, in Latium - 167,407 euros, in Aglantium - 152,383 euros. As for the lowest average price for two years in all types of real estate, it was recorded in the municipality of Tseri (136,756 euros). It is followed by the municipalities of Dali (147,630 euros), Agios Dometios (151,596 euros), Nicosia (151,746 euros) and Geri (152,154 euros).

Глобальная пандемия коронавируса не смогла снизить спрос на недвижимость в Никосии

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Source: philenews.com
Photos: DOM, pixabay.com
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