Independent advisory firm Wire-FS has published another report on real estate sales in Cyprus. This time, experts analyzed the number of housing transactions in Paphos over the past five years.
According to the latest data, the most popular municipalities for buying housing in the region are the municipalities of Paphos, Peyia, Geroskipou and Polis. The volume of transactions concluded in them exceeded the mark of 9 thousand properties, and the amount – 2.5 billion euros.
At the same time, the Municipality of Paphos had 5364 transactions worth 1.1 billion euros.
The average selling price of real estate in the municipality of Paphos was 104,061 euros, and the average range of real estate prices is from 65,000 euros to 184,388 euros. The majority of sales in the municipality were registered in 2019 – 1,239. The cost of the overwhelming number of transactions (2,880) did not exceed 110,000 euros. The price of the most expensive property was 17.8 million euros.
The volume of real estate sales in Peyia for the reporting period exceeded 1.1 billion euros, and the number of transactions reached 2,700.
The average selling price of real estate here was 159,728 euros, and the average range of housing prices is from 81,482 euros to 327,174 euros. The majority of purchase and sale transactions in the municipality were registered in 2018 - 587. The cost of the overwhelming number of transactions (1526) did not exceed the amount of 193,000 euros. The price of the most expensive property sold in this municipality was 8.1 million euros.
In the municipality of Geroskipou, the total value of the sale of real estate exceeded 300 million euros, and the number of transactions was 740.
The average selling price of housing in this area was 135,000 euros, and property prices ranged from 84,750 to 340,979 euros. The largest number of housing purchase and sale transactions in the municipality of Geroskipou was closed in 2019 - 185. The vast majority of transactions were in the amount of up to 257,000 euros. The price of the most expensive property sold in this municipality was 23.5 million euros.
Finally, as for the municipality of Polis, the total value of the sale of real estate here exceeded 123 million euros, and the number of transactions - 600.
The average transaction price was 84,167 euros, and prices ranged from 50,072 euros to 145,500 euros. The majority of sales in the municipality were registered in 2018 – 161, while the majority of transactions were with real estate worth up to 128,000 euros. Housing worth more than 1 million euros accounted for 20 transactions. The price of the most expensive property was 8.3 million euros.
It is noteworthy that the largest number of property purchase and sale transactions in the municipality of Paphos fell on apartments worth up to 104,000 euros. At the same time, in the municipality of Peyia, they were more willing to buy houses worth up to 160,000 euros.
In particular, in the municipality of Paphos, only 839 houses worth 213 million euros have been sold over the past five years. While in Peyia, the number of transactions with houses amounted to 1,402 for a total of 790 million euros.
Such differences are explained by the fact that there are no large plots for the development of individual residential buildings inside the city, unlike the municipality of Peyia and other districts of the province, where huge pieces of land are located for the construction of private villas and mansions.
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Photos: pixabay.com, DOM