Deloitte consulting company has conducted a new study, which calculated not only the number of sold properties in Cyprus in 2023, but also identified the most sought-after areas for investors in each city of the island.
It should be noted that 2023 was a record year for the Cypriot housing market, as local realtors managed to conclude 25.4 thousand sales transactions for a total of 5.6 billion euros. Below are the most popular neighborhoods in each city of Cyprus, which sold the most housing in 2023:
Nicosia
The total value of housing transactions in the five largest districts of Nicosia (Strovolos, Lakatamia, Engomi, Latsia, Nicosia Municipality) accounted for 68% of the capital's entire real estate market in 2023. However, Strovolos accounted for the largest volume of transactions (€216 million) and their number (920). At the same time, a year earlier, 942 units were sold in this area for a total of €230 million. The average value of a real estate transaction in Strovolos decreased in 2023 to 235 thousand euros from 245 thousand euros in 2022. Interestingly, Engomi has historically been the most expensive area to buy property in Nicosia in 2023.
Limassol
Real estate transactions by value in the five largest districts of Limassol (Limassol Municipality, Germassoya, Agios Athanasios, Agios Tikhonas, Muttaiyaka) accounted for 70% of the total real estate market in the province last year. The municipality of Limassol took the largest share of the market both in terms of value (€716 million) and volume (1,792 transactions), noting, however, a downward trend in performance compared to 2022, when 1,841 transactions totaling €752 million were completed. The average value of real estate transactions in the municipality of Limassol in 2023 amounted to 409 thousand euros, remaining at the same level as in 2022.
At the same time, Agios Tikhonas remained the most expensive area of Limassol to buy a home in 2023: the average value of real estate transactions here reached 658 thousand euros compared to 651 thousand euros in 2022.
The second most expensive neighborhood was Germasoya. The average transaction value here in 2023 amounted to 570 thousand euros, which is about 15% lower than in Agios Tikhonas. It is worth noting that the most expensive real estate in the area of Limassol was almost three times more expensive than in Nicosia.
Paphos
In 2023, more than 70% of the total real estate market of Paphos was actually composed of the values of transactions in the five largest districts of the province (Paphos Municipality, Geroskipou, Chloraka, Peyia, Kouklia). However, Paphos Municipality accounted for the highest value of transactions (€336 million) and number of transactions (1,460) in 2023. A year earlier, 1,249 properties were sold in this area for a total of €239 million. The average value of real estate transactions in Paphos municipality in 2023 amounted to 230 thousand euros, significantly higher than in 2022, when the figure was 191 thousand euros.
Peyia, Chloraka and Geroskipou have become the most expensive areas to buy property in Paphos. Particularly because their market profile mainly includes the sale of luxury villas, whose average transaction value is higher than that of apartments. That said, the average value of real estate transactions in 2023 fell in all three regions. The most significant decline occurred in Peyia, where the total value of real estate transactions amounted to €199 million in 2023 versus €270 million in 2022, and the average transaction value was €317 thousand versus €420 thousand in 2022.
Larnaca
In Larnaca, the districts of Aradippou, Livadia, Oroklini, Pyla and Larnaca Municipality accounted for 77% of the total real estate market in the province in 2023. Meanwhile, the volume of real estate transactions in Larnaca Municipality outpaced other regions in both value (€312 million) and number (1,570) in 2023 compared to €269 million in 2022, with the number of transactions remaining roughly the same (1,511). The average value of real estate transactions in Larnaca municipality reached 199 thousand euros against 178 thousand euros in 2022.
Aradippou and Livadia, the second and third most popular neighborhoods in Larnaca, recorded an increase in the value and number of real estate transactions in 2023 compared to 2022. However, the average value of property transactions in these areas remained broadly the same as in 2022.
Free Areas of Famagusta
Paralimni, Ayia Napa, Derinia, Sotira and Frenaros accounted for the overwhelming number of transactions in this province of Cyprus (94%). However, transactions in Paralimni were the most numerous in terms of total value (€163 million), up from €155 million in 2022, but also the most numerous (718) in 2023 from 727 in 2022. The average sale value of a property in Paralimni in 2023 was 227 thousand euros compared to 213 thousand euros in 2022. But the most expensive area to buy a home was Ayia Napa. The average value of a real estate transaction here amounted to 399 thousand euros in 2023 against 750 thousand euros in 2022. It is noted that this figure is significantly higher than that of Paralimni, the second most expensive area of free areas of Famagusta, due to the sale of luxury apartments and villas on the beach.
