Paphos tops February property deals, €4.8 mln for plot

Paphos and Limassol are driving the island’s property market, according to a monthly survey by Cypriot real estate analytics firm Ask Wire, spotlighting the ten priciest deals in February.

The top 50 property deals for the month raked in over €55 mln, with the majority of sales, worth just under €35 mln, or 63.4%, taking place in Paphos and Limassol.

The most valuable transaction was the sale of a plot in the Paphos district, valued at €4.8 mln.

Paphos district led with five transactions among the top ten sales in February, followed by Limassol with four, and Nicosia with one.

The top ten transactions totalled €12.6 mln in Paphos, €9.8 mln in Limassol, and €2.75 mln in Nicosia.

In February, the top 50 transactions, generated over €55 mln, with 63.4% of this sum emanating from properties in the Paphos and Limassol districts combined.

Paphos leads top ten

The top ten highest-priced properties in the Paphos district fetched €17.5 mln, while those in Limassol amounted to €17.4 mln, and Nicosia recorded €9.4 mln.

In contrast, the ten properties with the lowest values sold in February were in Larnaca district, totalling €7 mln, followed by Famagusta district with €3.7 mln.

Commented on the AskWire findings, CEO Pavlos Loizou highlighted a significant uptick in high-value property transactions compared to January.

“If we compare the data to January 2024, we will see that in February, the high-value real estate market experienced a significant increase,” he said.

“Moreover, the Paphos district continues to demonstrate its robust performance in this market, surpassing Limassol in total sales value, largely due to the highest-priced transaction across the island occurring within this district,” Loizou remarked.

The following table illustrates the value of the top ten most expensive property sales per district, along with the priciest transaction in each district: