Top 10 big-buy deals in Cyprus
The cost of the top ten most expensive property sales transactions completed in March amounted to €48.1 million, with the most expensive transaction being an office building in Potamos Germasogeia in Limassol at €28 million.
According to Ask Wire, a company that merges real estate sector expertise with technological innovation, the 50 largest transactions were collectively worth more than €78 million.
Ask Wire, a company that merges real estate expertise with technology, has diligently compiled and published data on the 10 most expensive real estate sales transactions completed in March 2024, along with the total value of the 10 most expensive sales by area.
In terms of distribution, Limassol alone accounted for four transactions in the top ten sales. This was complemented by two sales each in the regions of Nicosia, Larnaca, and Paphos. Specifically, the transactions in the Limassol reached €36.1m, while those in Nicosia and Paphos were valued at €4.2m each, and €3.7m in Larnaca.
Expanding on the types of properties sold, the sales included a diverse range of property types across various locations. An office complex in Limassol topped the list at €28m. This was closely followed by a residential property in Limassol for €3.3m, and a plot of land also in Limassol for €2.85m.
Additionally, a building in Paphos fetched €2.7m, a warehouse in Nicosia sold for €2.4m, and a piece of land in Larnaca was purchased for €2.3m.
The list also featured an apartment in Limassol at €1.9m, a residential building in Nicosia at €1.8m, a house in Larnaca for €1.47m, and a field in Paphos at €1.46m.
Further analysis reveals that 55.1 per cent of the value of these 50 transactions was attributable to the 10 properties in the Limassol region, which totalled €43m.
In contrast, the top ten most expensive properties in the Paphos area sold for €10.6m, closely followed by Nicosia with sales worth €10.3m and Larnaca at €8.7m.
The ten most expensive properties sold in March in the free area of Famagusta were valued lower, at €5.3m.
Pavlos Loizou, CEO of Ask Wire, said that “it is clear that the €28m most expensive sale that took place in the Limassol in March has had a significant impact on the sum of high-value property sales recorded both countrywide and locally in the Limassol area”, adding that “this transaction exceeds 65 per cent of the value of the 10 most expensive sales made in Limassol in March and corresponds to approximately 36 per cent of the 50 most expensive sales (10 per area) made in Cyprus in that month.”
“From there, we have seen almost all areas, except for free Famagusta, participate in the top ten most expensive sales of the month since February, when Limassol and Paphos had dominated high-value property sales”, he concluded.