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Apartments are more popular than houses in the booming Larnaca property market

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Most properties are purchased for residential purposes by locals.

What has happened? Cypriot company Ask Wire has released a report regarding the number of real estate property transactions and their values in the Larnaca district during 2022 and the first few months of 2023.

Main figures. А total of 1,929 apartments and 864 houses were sold during the previous year, showing how many more apartments are being sold in comparison with houses.

The vast majority of apartments (1,710) sold in the Larnaca area in 2022 were valued below €211,000.

The number of apartments sold at prices above €211,000 accounts for only 11.3 per cent of the total.

In the housing market, buyers’ primary interest is focused on properties valued between €77,000 and €278,000: оut of the 864 houses sold in the Larnaca district in 2022, 542 houses, or 62.7 per cent, fall into this category.

Quote. “The data for the first quarter of 2023 reflects the continuation of the market’s current dynamics in Larnaca, as a total of 530 houses and apartments were sold during this time,” the company said, noting that this corresponds to 19 % of the total sales of houses and apartments in 2022.

“The trend continues in the same pattern as in previous years, given that the highest interest in apartment purchases is for values up to €211,000 and for houses up to €278,000,” the company said.

Source: Cyprus Mail

Photo by Hert Niks on Unsplash

Quoting conditions of Prian.info materials

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Tags: Cyprus, Market Analysis, Investment, Real Estate

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