Ask Wire has published a new report analysing property sales in Limassol in 2024.
According to the authority, 7,348 transactions were concluded in the city, with a total value of €2.53 billion.
These impressive figures don't just confirm a high level of activity - they reflect the maturity and competitiveness of the local market. According to Ask Wire's analysis, some developers in Limassol are selling their projects up to % faster than their competitors. According to experts, this is no coincidence, but the result of using accurate data, calibrated strategies and a deep understanding of demand.
Looking more closely, 53% of all transactions in Limassol in 2024 (€1.58 billion) will be residential. At the same time, 72% of the total volume and 68.4% of the value in this segment were apartments, and the lion's share of them - in new projects (2,121 transactions for 912 million euros). It is these properties that are now the most liquid on the market.
Ask Wire stressed that it had analysed in detail 739 such transactions in 45 projects, with a total value of 495 million euros. This data provided a valuable, statistically significant basis for analysing market trends: which apartments are selling, at what prices and why.
It turned out that the average price per square metre for these properties was 5.8 thousand euros, with a median of 4.5 thousand euros, indicating a wide range of pricing strategies. The most dynamic projects are often priced just below the conventional threshold of 6,174 thousand for 1 m2 (according to third quarter data), remaining competitive without losing value.
Floor-specific pricing is also key. Thus, apartments on the lower floors in 2024 will cost in the range of 3,724 - 4,337 euros per 1 m2, while on the fifth and sixth floors similar options are already being asked for 6,126 - 6,261 thousand euros. The cost of apartments on the upper floors can reach 14 thousand euros. It should be noted, however, that the purchase of such apartments should be approached with caution. In particular, overvalued penthouses run the risk of being "stuck" on the market, giving way to more balanced priced properties.
An analysis of the 739 aforementioned transactions completed in Limassol in 2024 showed that the average value of a one-bedroom apartment was:
- one-bedroom apartments - €224,910;
- two-bedroom apartments - €414,000;
- three-bedroom apartments - €753,500;
- apartments with four or more bedrooms - €2.21 million.
The most sought after flats on the market were two-bedroom flats, which offer the perfect balance between liquidity, affordability and investment appeal.
Thus, the Ask Wire data suggests that success in the Cyprus property market today requires precision rather than scale.
The leaders in the sector are not the most ambitious developers, but those who are able to respond flexibly to buyer behaviour by monitoring activity at the level of project, price range, floor and even number of bedrooms. The advantage in 2025 will go to those armed with knowledge. At a time when buyers are increasingly opting for efficiency and flexibility, the ability to analyse and act will be critical to success.