Paphos and Limassol Dominate: Highlights of Cyprus Real Estate in February 2024
Cyprus Real Estate In February 2024 – Cyprus, with its picturesque landscapes and vibrant communities, has long been an attractive destination for real estate investors. The latest report from Ask Wire sheds light on the state of the local property market, revealing intriguing insights into the most expensive transactions of February 2024.
Key Findings:
- The top 50 property transactions in February amounted to over €55 million in total value.
- The most expensive sale was a plot of land in the Paphos district, valued at €4.8 million.
- Paphos district led with five transactions in the top ten sales, followed by Limassol with four, and Nicosia with one.
- These transactions amounted to €12.6 million in Paphos, €9.8 million in Limassol, and €2.75 million in Nicosia.
Insights:
- The top 50 transactions, ten per district, in February totaled over €55 million, with 63.4% attributed to properties in the Paphos and Limassol districts combined.
- The ten most expensive properties in Paphos were sold for €17.5 million, followed by Limassol with €17.4 million and Nicosia with €9.4 million.
- The lowest value sales were in the Larnaca district at €7 million, followed by Famagusta at €3.7 million.
Expert Commentary:
Pavlos Loizou, Managing Director of Ask Wire, noted a significant increase in high-value property transactions in February compared to January 2024. He highlighted Paphos’ dominance in the market, attributing it to the district’s strength, especially with the highest-priced sale occurring there.
District-wise Breakdown:
- Famagusta: Total transaction value – €3.7 million, most expensive sale – €605 thousand.
- Larnaca: Total transaction value – €7 million, most expensive sale – €1.61 million.
- Limassol: Total transaction value – €17.4 million, most expensive sale – €2.97 million.
- Nicosia: Total transaction value – €9.4 million, most expensive sale – €2.75 million.
- Paphos: Total transaction value – €17.5 million, most expensive sale – €4.8 million.
The real estate market in Cyprus continues to showcase its dynamism and appeal to investors, with districts like Paphos and Limassol leading the way in high-value transactions. As the year progresses, it will be fascinating to observe further trends and developments in this ever-evolving sector.
Article credits go to Kyriacos Nicolaou – Cyprus Property News
