Top 50 property deals net €286 mln

Cyprus’ top 50 real estate transactions last year yielded a combined €285.8 mln, according to data compiled by Ask Wire that also listed the ten most expensive property deals in 2023.

The real estate tech and advisory experts said that the top ten property sales amounted to a total of €120.4 mln, with the most expensive deal being a plot of land within Limassol Municipality, valued at €22.1 mln.

The list of the ten most expensive property transactions is dominated by Limassol town and district, which accounted for nine deals amounting to €111.2 mln. Tenth on the list was the sale in Famagusta district of a field near Paralimni for €9.1 mln.

At €120.2 mln, Limassol district accounted for 42% of the value of all deals, followed by Famagusta with 16.2% for a total value of €46.4 mln.

Larnaca and Paphos districts followed with €42.6 mln and €41.1 mln, respectively, while Nicosia district, recoded a total value of €35.5 mln.

“In 2023, high-value property sales captured the attention of buyers, with Limassol reaffirming its reputation for having the most expensive properties,” explained Pavlos Loizou, CEO of Ask Wire.

He highlighted “the prominence of transactions of field plots among high-value deals. It was not just the top sale of 2023 that involved a field, but a total seven out of the top ten transactions involve fields”.

Loizou argued that this trend reflects the future potential of the market, as these high-value plots are primarily earmarked for development within the next two to five years.