Property sales across four major Nicosia municipalities exceeded €3.3 billion in value over the past five years, a report from independent real estate asset management and advisory firm WiRE has shown.
The report concerns property sales that took place in the Nicosia, Strovolos, Engomi, and Lakatamia municipalities, with WiRE noting that the value of property sales is comparatively low when population was factored in.
“The share of the real estate market in the Nicosia district is limited, despite being the most populated district,” the company said, adding that a similar report on three major Limassol municipalities involved property sales worth in excess of €6.3 billion.
The report notes that the total number of property sales in Nicosia surpassed 13,000 transactions, compared to more than 14,000 transactions in Limassol. While transactions were fairly close in terms of volume, there was a much great disparity in terms of value.
“The slight difference in the number of transactions shows that the value of the transactions carried out in Limassol over the past five years was much higher than in the district of Nicosia,” the report said, adding that the entire Cyprus property market came close to a valuation of €25 billion in total sales in the last five years, with transactions exceeding 100,000 overall.
In the Strovolos municipality, property sales surpassed €1.2 billion in value, with 4,400 transactions taking place. The median property price was €159,193, with prices ranging between €96,162 and €250,050.
The biggest portion of sales in Strovolos took place in 2019 with 931, while the bulk of transactions (3,800) during these five years involved properties worth up to €338,000.
137 property sales in Strovolos exceeded €1 million in value, with the highest figure among them involving a property being sold for €25.9 million.
In the Nicosia municipality, property sales exceeded €1 billion in total value, with 4,000 transactions being completed during this time. The median property value was €110,003, while properties ranged between €71,877 and €209,136.
Most sales took place in 2018 with 867 transactions, while the bulk of sales (2,718) peaked at €160,000 in value.
The company attributes these figures to the scarcity of available properties in the Nicosia city centre, as well as the lack of available land for new developments.
The most expensive property sale in the Nicosia municipality was valued at €13.4 million.
In Lakatamia, the total value of property sales came close to €700 million, with 3,350 transactions taking place. The median property value was €136,449, reflecting the municipality’s typical price range of €90,000 and €190,000.
Most sales took place in 2021, having already reached 746 this year, with the report noting that “transactions in Lakatamia seem to have been unaffected by the pandemic since they have shown an exponential increase in the last three years”.
The majority of transactions in Lakatamia involves properties worth up to €267,000 in value, while the most expensive property sale was worth an eye-watering €43.9 million.
In Engomi, property sales exceeded €400 million, with 1,400 transactions taking place.
The median price for a property was €169,000, with typical property prices ranging between €105,000 and €300,000.
Most sales took place in 2019 with 320 transactions, while the majority of property sales peaked at €344,000 in value.
Approximately 40 property sales exceeded €1 million in value, while the priciest property was sold for €10.6 million.
The report notes that as is the case in Limassol, apartments accounted for the bulk of all transactions, with Lakatamia being the sole outlier.
In Strovolos, a total of 2,526 apartments were sold during the last five years, reaching €386 million in total value. In the Nicosia municipality, 2,332 apartments were sold for a total of €374 million, with the average price being €102,317.
In Engomi, 893 apartments were sold for a total value of €165 million, with an average price of €133,000.
Finally, in Lakatamia, 1,140 apartments were sold for a total of €138 million, with the average price being 122,000.