The top 50 property transactions in June, ten per province, amounted to a total value of €79 million, according to real estate market intelligence company Ask WiRE.
Among them, the ten most expensive sales reached a combined total of €39 million, with the highest-priced being a commercial property valued at €12 million in Limassol.
The province of Larnaca led in terms of the highest number of properties in the top sales, with four transactions amounting to €13.75 million.
Famagusta province had two sales in the top ten, including a hotel and a complex of hotel apartments, totalling €5.38 million, both located in Paralimni. Paphos and Nicosia were represented in the top ten most expensive properties with one property each.
Top Ten Property Sales in June 2023
Property Type Sale Price Province/Community
1. Commercial Property €12 million Limassol/Limassol Municipality
2. Land €5.4 million Larnaca/Mazotos
3. Plot €3.65 million Larnaca/Pervolia
4. Land €3.3 million Paphos/Pegeia
5. Hotel €3.28 million Famagusta/Paralimni
6. Land €2.5 million Larnaca/Livadia
7. Mixed-Use Building €2.32 million Nicosia/Lakatamia
8. Offices €2.3 million Limassol/Limassol Municipality
9. Land €2.2 million Larnaca/Larnaca Municipality
10. Tourist Apartments €2.1 million Famagusta/Paralimni
The total value of the 50 properties exceeded €79 million. Nearly 60% of the value of these sales can be attributed to the top 20 properties in Limassol and Larnaca provinces.
Specifically, the top ten properties in Limassol were sold for a total of €25.65 million, accounting for 32%, while the top ten properties in Larnaca were sold for €19.7 million, representing 25%.
The ten most expensive properties sold in Nicosia province had a significantly lower total value of €13.45 million, followed by Paphos (€11.8 million) and Famagusta (€8.5 million).
Total Value of Top Ten Sales per District
Famagusta €8.48 million 11%
Larnaca €19.7 million 25%
Limassol €25.65 million 32%
Nicosia €13.45 million 17%
Paphos €11.8 million 15%
Island-wide €79.1 million 100%
Commenting on the above data, Pavlos Loizou, CEO of Ask WiRE, stated, “The analysis demonstrates the depth of the high-value property market in each province, revealing that the market is mainly driven by properties of lower value. Specifically, out of the 50 largest sales, 20 were below €1 million. This indicates that any investment evaluation should consider not only the value but also the geography, type, and depth of the market, enabling investors to assess the liquidity of their investments.”
Data: Department of Lands and Surveys