The consulting company Ask WiRE has conducted a new study analysing the preferences of buyers investing their money in Nicosia property, as well as the trends prevailing in the capital's property market.
According to the agency's report, between January 2016 and July 2024, 72 residential projects were launched in Nicosia (some of which are still underway). 38 Cypriot developers were involved in their construction. At the same time, they managed to sell 568 apartments. Interestingly, first floor apartments were the most popular with buyers, accounting for 144 sales transactions. This was followed by ground floor flats (133 transactions) and third floor flats (111 transactions).
Apartments on the fourth floor were preferred by 56 clients and those on the fifth floor by only 22. Flats on the sixth (12), seventh (12) and eighth (13) floors were less popular with investors in the capital.
As for the prices of flats in Nicosia, they are distributed as follows: the average price per m2 for flats on the ground floor was 2,199 euros, on the first floor - 2,289 euros, on the third floor - 2,340 euros. Based on these data, an 85 m2 flat on the ground floor will cost at least 187 thousand euros, on the first floor - 195 thousand euros and on the third floor - about 200 thousand euros. The highest average price per 1m2 was recorded by Ask WiRE for a flat on the 19th floor, at 7,075 euros, and the lowest on the ground floor, at 2,133 euros.
Our detailed analysis reveals important trends in the Nicosia property market and in particular the ever-increasing demand for affordable housing due to changing demographic and economic conditions," said Pavlos Loizou, CEO of Ask Wire.