Limassol continued to lead Cyprus’ high-value real estate market in 2024, accounting for eight of the ten most expensive property transactions, with a total value of €176.8 million, according to real estate analytics firm Ask Wire.
The highest-value transaction of the year was a €39.3 million apartment development in Polemidia, Limassol.
The only other districts represented in the top 10 were Nicosia and Paphos, with a €19 million office sale in Agioi Omologites and a €14.3 million tourist development in Kato Paphos.
The 50 highest-value property transactions in 2024 totaled €386.2 million, with Limassol alone contributing 51.7 per cent, totalled with €199.7 million.
Nicosia followed with €67.8 million, 17.5 per cent, while Paphos accounted for €62.8 million, representing 16.3 per cent of the total.
Larnaca and Famagusta saw lower transaction values, recording €37.8 million and €18.1 million, respectively.
The breakdown of sales across districts reveals distinct variations in demand.
Limassol’s most expensive transaction, the €39.3 million apartment development, accounted for 19.7 per cent of the district’s top 10 sales.
In Nicosia, the €19 million office deal represented 28 per cent of its highest-value transactions, while Paphos’ leading sale, a €14.3 million tourist development, made up 22.8 per cent of the district’s total.
Larnaca’s top transaction, a €9 million field, contributed 23.8 per cent of the district’s highest-value deals, while in Famagusta, a €4.2 million hotel comprised 23.2 per cent of total sales.
In addition to the annual rankings, Ask Wire also published data on the 10 most expensive property transactions in December 2024.
Limassol once again dominated the rankings, recording six of the ten most expensive sales.
Nicosia and Larnaca followed, with two high-value transactions each. The highest-value deal of the month was a €19 million office sale in Agioi Omologites, Nicosia.
The total value of December’s top 10 transactions reached €58 million, while the 50 highest-value deals for the month surpassed €90.8 million.
Pavlos Loizou, CEO of Ask Wire, commented on the market’s strong performance in 2024, noting a more than 35 per cent increase in high-value transactions compared to the previous year. He explained that Limassol, Nicosia, and Paphos drove the market, offsetting a slowdown in Larnaca and Famagusta.
He said that “four major office deals totaled €88.2 million—42 per cent of the top 10 transactions—highlighting strong demand for high-value commercial assets,.”
Loizou added that “The prominence of large-scale residential and commercial developments signals that, despite economic shifts, prime properties remain in high demand.”
“With 2025 underway, the data suggests that investors and developers are doubling down on strategic locations and asset types that offer long-term value,” Loizou concluded.
