Top 50 property sales generate €79 mln

Cyprus’ top 50 real estate transactions in June yielded a combined €79 mln, according to Ask WiRE figures.

Ask Wire compiled the total value of the ten most expensive property transactions completed in June 2023 and the top ten sales by each district.

As the real estate tech company reports, the 50 most valuable property transactions across the island amounted to €79 mln in June, with ten transactions selected per region.

The 10 most expensive sales totalled €39 mln, with the most expensive sale involving a commercial property worth €12 mln in Limassol.

Larnaca district had the most properties in the top ten list, with four transactions worth €13.75 mln.

Famagusta contributed with two sales, including a hotel and a complex of hotel apartments worth a combined €5.38 mln. Both properties are located in Paralimni.

Paphos and Nicosia were represented with one sale each.

From 50 properties worth over €79 mln, nearly 60% of the value was attributed to 20 properties in Limassol and Larnaca.

Limassol’s top ten properties were sold for €25.65 mln, accounting for a 32% share, while the top ten properties in Larnaca amounted to €19.7 mln, representing 25%.

The most expensive properties sold in Nicosia had a combined value of €13.45 mln, followed by Paphos with €11.8 mln and Famagusta €8.5 mln.

Pavlos Loizou, CEO of Ask Wire, said: “The analysis demonstrates the depth of the high-value property market by district, highlighting that the market mainly operates with lower-value properties”.

“Specifically, of the 50 largest sales, 20 were for less than €1 mln.

“This shows that any investment evaluation must consider, along with value, the geography, type, and depth of the market so that the investor can have an understanding of the property’s liquidity”.