The Cypriot real estate market saw significant activity in January 2025, with the 50 largest property transactions amounting to €30.1 million, according to real estate analytics firm Ask Wire.
The company on Friday reported that the ten most expensive sales nationwide totalled €12.1 million during this period.
The highest-value transaction was a house in Mouttagiaka, Limassol, which sold for €2.05 million.
Limassol dominated the high-value property market, accounting for seven of the top 10 transactions with a combined value of €8.8 million.
Larnaca followed with two sales worth €2.5 million, while Paphos contributed a single transaction valued at €810,000.
In terms of overall district performance, Limassol led with €11 million in its top 10 sales, followed by both Larnaca and Paphos, each recording €5.9 million.
Nicosia’s top 10 transactions amounted to €4.8 million, while Famagusta’s totalled €2.6 million, representing 8.5 per cent of the total high-value property transactions.
“With the highest sale barely surpassing the €2 million mark, the high-value property market performed at relatively low levels in January 2025,” said Pavlos Loizou, CEO of Ask Wire.
“Notably, compared to December 2024, the total value of the 50 most expensive transactions fell by nearly 67 per cent,” he added.
The report also highlighted that residential properties continued to drive the high-end real estate sector.
“Additionally, 27 of the top 50 sales involved houses, while an additional nine transactions concerned luxury apartments,” Loizou mentioned.
This clearly indicates that residential properties were the driving force of the high-value real estate market in January,” the Ask Wire CEO added.
Moreover, the data showed that Nicosia recorded the fewest residential transactions among its top 10 sales, consisting of only two houses and two apartments.
In contrast, Famagusta’s top 10 sales were exclusively residential, comprising seven houses and three apartments.
The Cypriot firm also pointed out that the highest-value transaction in each district varied significantly.
Specifically, Limassol led the way with a €2.05 million house sale, followed by Larnaca, where a field sold for €1.6 million.
Meanwhile, in Nicosia, the most expensive transaction was a €745,000 house, while in Paphos, a field was sold for €810,000.
In addition, Famagusta’s top transaction was a €520,000 house, representing 20 per cent of the district’s high-value sales.
European property market
At the same time, the European real estate market exhibited signs of recovery in January of this year, building upon the stabilisation observed in late 2024.
According to Cushman & Wakefield, the sector is poised for growth, supported by a more positive macroeconomic outlook, improved business and consumer confidence, and easing interest rates.
Furthermore, the Global Commercial Real Estate Services group (CBRE) anticipates a gradual recovery across most real estate segments, with leasing activity expected to increase, particularly in the latter half of the year.
The office sector is likely to see demand for higher-quality buildings driven by portfolio consolidations and the role of real estate in attracting employees.
Additionally, asset management company Schroders noted that, despite economic sentiment deteriorating in late 2024, real estate occupier markets remain robust.
It added that real estate pricing is stabilising, indicating a cyclical buying opportunity in key markets and segments.
