Landbank Analytics, a company that analyses the housing market in Cyprus, has conducted a new study to find out which areas of Cyprus are in the highest demand among property buyers.
The company's staff analysed data on house sales between January and September 2024.
The results showed that:
- 161 houses worth €49.8 million and 1,194 apartments worth €236.9 million were sold in Nicosia during the nine months. At the same time, the Lakatamia district topped the list in terms of the number of completed residential sales transactions, with 45 properties sold. The average contract value was 347 thousand euros. The highest number of flats sold was in the district of Strovolos (225 units with an average cheque of 202 thousand euros).
- In Limassol, between January and September, 237 houses were sold for a total of €165 million and 1,469 flats for a total of €820 million. The highest number of house transactions took place in the Ipsonas district (31 properties with an average value of 346 thousand euros), while flats were sold in the city centre (557 units with an average value of 471 thousand euros).
- In Larnaca, 191 houses were sold for a total of EUR 64.35 million and 1,113 apartments for a total of EUR 218.8 million during the period under review. Aradippou district led the way in terms of house sales, with 53 contracts signed for an average of €291,000, while the city centre saw the most activity in the apartment market, with 413 contracts signed for an average of €214,000.
- In Paphos, 243 houses worth 149.6 million euros and 416 apartments worth 138.4 million euros were sold in the first 9 months of the year. The leading area for house sales was the Geroskipou district (44 transactions at an average price of 543 thousand euros) and the city centre for apartments (313 units at an average price of 336 thousand euros).
- In the free areas of Famagusta, 86 houses were sold for a total of 28.6 million euros and 143 flats for a total of 32.8 million euros. It is noteworthy that Paralimni accounted for the highest number of houses and flats sold in this part of Cyprus between January and September 2024. In this area, 50 houses were sold with an average price of 412 thousand euros and 105 apartments with an average price of 262 thousand euros.
The trend of increasing interest in the new housing market is explained by the general economic situation. For example, young couples prefer to buy new flats rather than houses because of their lower cost. Our analysis aims to capture the interest in residential property across the island and track which areas are gaining or losing popularity among investors,' said Andreas Christoforidis, Managing Director of Landbank Group.