Property sales across three major Limassol municipalities exceeded €6.3 billion in value over the past five years, a report from independent real estate asset management and advisory firm WiRE has shown. The sales took place in the Limassol, Germasogeia and Agios Athanasios municipalities and were the total value of more than 14,000 transactions. Meanwhile, property sales across Cyprus neared a whopping €30 billion in value with more than 100,000 sales taking place over the past five years.
More than €3.3 billion worth of property sales took place within the Limassol municipality, representing 7,900 transactions. According to data provided by WiRE, the median price for a property sale in the Limassol municipality came up to €178,912, while the typical price range for a property was between €110,082 and €314,714. In terms of sales broken down on an annual basis, 2018 saw the highest number of transactions (1781) being completed. Moreover, the majority of property sales (5485) had a price ceiling of €260,000. Sales exceeding €1 million in value came up to 625 transactions, 422 of which ranged between €1.5 million to a massive 70.3 million in value.
In the Germasogeia municipality, property sales exceeded €2.1 billion in value, with the number of transactions reaching 4,095. The median price in the district during this time was €341,431, roughly twice as much as the median price in the Limassol municipality. In addition, prices for a property in Germasogeia ranged between €161,113 and €598,725, with most sales (940 transactions) taking place in 2018. Some 1786 property sales involved transactions ranging between €123,000 and €443,000, while 1187 sales involved properties costing between €443,000 and €959,000. Sales exceeding €1 million in value in Germasogeia came up to 478 transactions, 192 of which ranged between €1.7 million and €21.8 million.
In Agios Athanasios, the total value of property sales surpassed €800 million, with 2,000 transactions taking place over the past five years. The median price for a property in the municipality was €264,296, while property prices ranged between €172,875 and €429,995. Most sales in the municipality took place in 2019 (443 transactions), while the majority of sales (1054 transactions) ranged between €178,000 and €472,000 in price. Seventy-three property sales exceeded €1.4 million in value, while the highest recorded property price was €17.9 million.
According to the report, the majority of property of sales across all three municipalities involved apartments, with the Limassol municipality alone seeing sales of 4,566 apartment properties totalling €1.5 billion in value, with an average price of €165,000.
In Germasogeia, 2,676 apartments were sold during this time with a total value of €1.3 billion, while the average price was €363,458.
In Agios Athanasios, 744 apartments were sold with a total value of €230 million, with an average price of €235,550.