The most expensive property in May was sold in Limassol

Ask Wire has published a new report analysing the sales of expensive properties in Cyprus and highlighting the biggest deals concluded in May 2024.

As it turned out, the most expensive property was sold in Limassol - a commercial building in the Apostolos Andreas neighbourhood for €17.65 million.

At the same time, Limassol was the leader in terms of the number of contracts concluded for the purchase and sale of expensive properties in May. This Cypriot city accounted for 5 out of 10 transactions, with a total value of €25.8 million. In addition to the commercial building, these included:

1. An apartment in the Mutaiaka district for €2.55 million;
2. A house in the Germasogeia neighbourhood for €2.3 million;
3. A plot of land in Agia Triada for €2 million;
4. an apartment in the Germasoya area for €1.3 million.

In Nicosia, May saw the sale of a plot of land in the Aglatsia area for €2.45 million and a house in the Engomi area for €2.2 million. In Paphos, two other transactions involving expensive properties were completed in May. In this city, a residential complex was sold for 4.18 million euros in the Chloraka area and a house for 3.3 million euros in the Agios Theodoros area. Finally, in Larnaca, May 2024 sold a plot of land for 1.3 million euros in the Livadia area.

The company noted that in Cyprus, May 2024 sold about 50 properties valued at 500 thousand euros or more, for a total value of more than 66.7 million euros.

Meanwhile, the ten most expensive properties sold in Limassol accounted for 46.2% of the value of these sales, followed by Paphos (20.2%), Nicosia (17.2%), Larnaca (8.8%) and the free areas of Famagusta (7.6%). In monetary terms, the ten most expensive properties were sold for €30.8 million in Limassol, €13.5 million in Paphos, €5.9 million in Larnaca, €11.5 million in Nicosia and €5 million in the free areas of Famagusta.

This trend is not surprising. Limassol has always been the most attractive place to live and do business compared to other cities in Cyprus. Go Limassol! - commented Maxim Arte, broker at DOM Limassol office.