Over the past five years, the amount of property sales in the four major municipalities of the Cypriot capital has exceeded € 3.3 billion.
According to Oldypak LP real estate report, an asset management company, the property sales in the four major municipalities of Nicosia (Nicosia, Strovolos, Engomi and Lakatamia) over the past five years exceeded € 3.3 billion, while the sales value is relatively low, taking into account the population.
The total number of property sales in Nicosia has exceeded 13,000 transactions compared to more than 14,000 in Limassol. While the number of transactions turned out to be about the same, there was a big difference in value. Recall that in Limassol over the past five years has sold real estate worth €6.3 billion.
“The small difference in the number of transactions shows that the value of transactions carried out in Limassol over the past five years has been much higher than in the Nicosia area,” the report says. Meanwhile, analysts add that the total volume of property sales in Cyprus over the past five years is estimated at € 25 billion and the total number of transactions is 100,000.
The largest proportion of sales in Strovolos came in 2019 (931 transactions), while the bulk of the transactions (3,800) in those five years related to properties worth up to €338,000. At the same time, 137 transactions exceeded €1 million, among which was the most expensive property for €25.9 million.
According to Oldypak LP real estate report, in the municipality of Nicosia, the volume of property sales exceeded € 1 billion and the number of transactions amounted to 4,000. The average value of the property was €110,000 and prices ranged from €71,880 to €209,140. The most expensive property was valued at €13.4 million.
Most sales were made in 2018 (867), while most transactions (2,718) did not exceed €160,000 in value. The company attributes these figures to the lack of available real estate in the center of Nicosia, as well as the lack of available land for new development.
In Lakatamia, the total volume of property sales approached €700 million and 3,350 deals were completed. The average value of the property was €136,450, which corresponds to the typical price range of the municipality from €90,000 to €190,000.
Most of the sales occurred in 2021. And among the transactions prevail those related to real estate worth up to € 267,000. But the most expensive object is estimated at a staggering €43.9 million.
In Engomi, the volume of real estate sales exceeded €400 million and 1,400 deals were completed. The average price of a property was €169,000, with typical prices ranging from €105,000 to €300,000.
Most of the sales were in 2019 (320), and the bulk of the transactions did not exceed €344,000. Approximately 40 properties were sold for more than €1 million, and the most expensive one was worth €10.6 million.