Limassol topped Cyprus’ property market from January to September 2024, leading in sales values for houses and apartments, according to a report from Nicosia-based firm Landbank Analytics.
The report, which reviewed data from the Department of Lands and Surveys from January to September 2024, shed light on contracts of sales in Cyprus.
In the Nicosia district, 1,355 residential properties were sold in the first nine months of 2024, comprising 161 houses worth €49.8 million and 1,194 apartments totaling €236.9 million.
The suburban area of Lakatamia saw the highest number of house sales, with 45 properties sold at an average price of €347,000.
Meanwhile, Geri and Tseri followed closely, with 22 sales each, averaging €358,000 and €237,000, respectively. Dali recorded 18 house sales at €276,000, while Latsia had 15 at €342,000.
Apartment demand focused on six key areas. Strovolos led with 225 sales, averaging €202,000, followed by Lakatamia (194 sales, €163,000) and Aglantzia (188 sales, €142,000).
Nicosia recorded the highest average price of €324,000 across 166 sales, while Engomi and Latsia rounded off the hotspots with 150 and 117 sales, averaging €182,000 and €172,000, respectively.
In terms of value, Lakatamia dominated house sales at €15.6 million, while Nicosia topped apartment sales, reaching €53.8 million.
Similarly, Limassol registered 237 house sales worth €165 million and 1,469 apartment sales totaling €820 million.
Ypsonas emerged as the leading area for house sales, with 31 properties averaging €346,000. Notably, high-value sales were observed in Ayios Tychonas, with 22 houses sold at an average price of €818,000.
Parekklisia followed with 21 sales (€519,000), while Kolossi and Ayios Athanasios each recorded 20 sales, averaging €307,000 and €627,000, respectively.
Additional activity was noted in Erimi (18 sales, €359,000) and Tserkezoi (17 sales, €1.7 million).
When it comes to apartments, sales were concentrated in Limassol, where 557 units were sold at an average price of €471,000, alongside Germasogeia (247 sales, €706,000) and Agios Athanasios (133 sales, €342,000).
Tserkezoi emerged as a standout for house sales, generating €28.6 million, while Limassol continued to lead apartment sales, which totalled €262.4 million in value.
In the Larnaca district, 191 house sales worth €64.35 million and 1,113 apartment sales totaling €218.8 million were recorded.
Aradippou stood out with 53 house sales at an average price of €291,000, followed by Livadia with 27 sales (€444,000), Kiti with 24 (€280,000), and Pyla with 32 (€375,000).
Apartment demand centered on Larnaca City, which registered 413 sales at an average price of €214,000.
Livadia (226 sales, €199,000), Aradippou (214 sales, €180,000), and Pyla (144 sales, €203,000) also recorded significant activity.
By value, Aradippou led house sales at €15.4 million, while Larnaca dominated apartment sales, totaling €88.5 million.
Meanwhile, Paphos saw 243 house sales worth €149.6 million and 416 apartment sales totaling €138.4 million.
The highest number of house sales occurred in Geroskipou (44 sales, €543,000 average price), followed by Peyia (36 sales, €658,000) and Chloraka (35 sales, €520,000).
Notably, high-value transactions were recorded in Paphos and Konia, with average prices of €1 million and €557,000, respectively.
Apartment sales were primarily concentrated in Paphos, which accounted for 313 transactions at an average price of €336,000.
Paphos led in both house sales value (€26.7 million) and apartment sales value, exceeding €105 million.
Lastly, Famagusta district reported 86 house sales worth €28.6 million and 143 apartment sales totaling €32.8 million.
Paralimni emerged as the primary hotspot, with 50 house sales averaging €412,000 and 105 apartment sales averaging €262,000.
“Our analysis aims to capture the demand trends for residential properties across Cyprus and to delve into the factors driving or reducing interest in specific areas,” said Andreas Christophorides, CEO of the Landbank Group.
“Our goal is to identify the regions attracting buyers and the reasons behind their choices,” he added.
“The price of a house or an apartment is not the sole criterion for buyers,” Christophorides continued.
“For houses, demand leans towards suburban areas, whilst apartments see the greatest interest in city centers, where the highest values are recorded,” he explained.
He also said that “the general trend towards decentralisation is not surprising”.
“Our analysis highlights the areas likely to see increased demand and rising prices, making them attractive for both homeownership and investment purposes,” Christophorides concluded.
