Limassol dominated the Cypriot property market in 2023

Cyprus real estate-The ten most lucrative property transactions completed in Cyprus during 2023, along with additional analysis pertaining to the Cypriot property market.

The transactions showed the dominance of high-value deals, particularly in the district of Limassol, where the fifty largest transactions, distributed evenly across the districts, amounted to a total of €285.8 million.

Among these transactions, the ten most expensive sales collectively reached €120.4 million in value, with the costliest single transaction involving the sale of a plot of land in the Limassol municipality for €22.1 million.

Moreover, Limassol led the pack in both the number and value of transactions, boasting nine out of the ten most expensive deals, indicating that high-value property sales dominated the market in 2023, with Limassol confirming its reputation as the district with the most expensive properties.

Seven out of the ten most expensive transactions were land-related. This signals the future dynamics of the market, as these high-value plots are mainly earmarked for development within the next 2-5 years.

The total value of these transactions in Limassol reached €111.2 million. Famagusta secured the tenth spot with a single transaction valued at €46.4 million.

Larnaca and Paphos followed closely behind, with their top ten sales for 2023 amounting to €42.6 million and €41.1 million, respectively.

Notably, Nicosia’s highest-priced properties sold in the same period totalled €35.5 million.

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