The houses and apartments whose value was between €1-2 million were high in the buyers' preference for 2019, with the focus mainly on the province of Limassol where about half of the operations in this range took place, according to the 11th KPMG report, Cyprus Real Estate Market Report.
As the data of the report for 2019 show, the transactions for residential properties worth €1-2 million constituted 68% of the total transactions of high value. They are followed by properties worth €2-3 million at a rate of 26% and properties whose value exceeded €3 million for which transactions accounted for 6%.
Another interesting point concerns how many transactions worth more than one million were made in 2019.
A total of 864 transactions were made nationwide. Specifically, 429 apartments and 160 houses worth €1-2 million were sold, 114 apartments, and 112 houses worth 2-3 million euros and 20 apartments and 29 houses worth more than €3 million.
Nationwide, real estate transactions of more than 1m euros increased by 18% compared to the previous year. In terms of provinces, Limassol has the lead with 488 transactions in 2019 (430 in 2018). It is followed by Paphos with 253 transactions (172 in 2018), Famagusta with 64 transactions (63 in 2018), Larnaca with 34 transactions (45 in 2018), and Nicosia with 25 transactions (23 in 2018).
However, the first indications for the purchase of luxury residential real estate were not very positive in the first quarter of 2020, possibly due to the coronavirus pandemic, as only 84 transactions worth more than one million were recorded compared to the same period last year when they reached 226.
By province, there was a decline in all except Larnaca, where from seven transactions last year, they amounted to 22. However, it is worth noting that last year's first quarter may not be representative as many transactions occurred due to upcoming changes to the naturalization program, which were implemented in May 2019.