Limassol leads real estate transactions

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Limassol’s development as a business hub and a destination for international technology companies has kept its real estate sector alive after the demise of the golden passport scheme in late 2020.

The Real Estate Agents Registration Council of Cyprus said Limassol’s property market boom continued during the second quarter of 2022 as almost half of sales occurred in the district.

Based on Land Registry data, 46.5% of real estate action (value) in Q2 took place in Limassol.

Some 450 sales transactions and deposits of sales documents valued at approximately €126 mln were recorded in Limassol.

The indicative average selling price of all properties was approximately €280,000.

Some 50 transactions of housing units were reported, with a total value of €37 mln.

The average sale price was €770,000, indicating that most sales involved luxury houses and flats.

Transactions for commercial real estate reported were worth €15 mln and involved offices and shops.

Council chair Marinos Kineyirou said the number of commercial transactions could be higher, as many sales involved properties under development.

“The bulk of the interest comes from investors looking for properties that can be rented out, a trend proven by the hike in rent prices.

“Land developers will need to adapt their development plans to meet this increased demand,” said Kineyirou.

The value of sales of land plots has also increased, as 120 transactions worth €127 mln were recorded.

According to Kineyirou, “the many Land transactions show that land developers are in the process of planning and developing new projects to meet the increased demand, which currently exceeds the supply for many property categories such as offices and apartments”.

He noted that 222 transactions of €94 mln involved land properties on which housing projects are to be developed.

Some 455 agricultural land plots worth €54 mln were sold at an average price of €117,000.