Limassol has cemented its position as the epicentre of Cyprus’ luxury property market, according to new data from Ask Wire.
The district accounted for seven of the ten most expensive property sales in the first half of 2024, totalling €116.5 million.
The most expensive property sold during this period was a set of offices in Germasogeia, Limassol, fetching €28 million. Other high-value sales included apartments, commercial developments, and restaurants in the district.
While Limassol dominated the top ten, Nicosia and Larnaca also featured in the list, with two and one transaction respectively. The total value of the ten most expensive sales across Cyprus reached €144.9 million.
Type of property Sale Price Province/ Municipality – Community
1. Offices €28 million – Limassol / Municipality of Yermasogeia
2. Apartment €18,4 million – Limassol /Amathounta
3. Commercial Development €17.65 million – Limassol Municipality
4. Offices €16.4 million – Limassol / Municipality of Mesa Gitonia
5. Restaurant €15 million – Limassol /Pentakomo
6. Mixed-Use Building €12.9 million – Limassol Municipality / Agia Zoni
7. Office & commercial building €9.7 million – Nicosia / Agioi Omoloyites
8. Outlet store €9.6 million – Nicosia / Kokkinotrimithia
9. Field €9 million – Larnaca / Livadia
10. Mixed-Use Building €8.1 million – Limassol Municipality / Tsiflikoudia
Breakdown of high-value property sales
A broader analysis of the 50 most expensive properties sold in each province during the first half of 2024 revealed a similar trend. Limassol claimed the largest share of the market with €135.3 million worth of sales, followed by Paphos at €48.8 million, Nicosia at €41 million, Larnaca at €28.6 million, and Famagusta at €14.2 million.
Property types driving the market
Offices and commercial properties emerged as popular choices among high-net-worth buyers, with several such properties appearing in the top ten most expensive sales.
June 2024 market highlights
The month of June saw a €9.7 million office and retail building in Nicosia claim the top spot. Larnaca was the most active province in June, with five properties making the top ten list.
