How Much Do Buyers Spend in Nicosia on Real Estate?

What happened? According to a report by WiRE, an independent real estate asset management consulting company, the volume of real estate sales in the four major municipalities of Nicosia (Nicosia, Strovolos, Engomi, and Lakatamia) has exceeded €3.3 billion over the past five years. At the same time, the cost of selling real estate is relatively low, taking into account the population.

The total number of property sales exceeded 13,000 transactions in Nicosia compared to more than 14,000 transactions in Limassol. While the number of transactions turned out to be about the same, there was a big difference in cost. Over the past five years, real estate in Limassol has been sold for € 6.3 billion.

Quote. "The small difference in the number of transactions shows that the value of transactions conducted in Limassol over the past five years was much higher than in the Nicosia area," the report says. At the same time, analysts add that the total volume of real estate sales in Cyprus over the past five years is estimated at €25 billion, and the total number of transactions is 100,000.

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Strovolos. In the municipality of Strovolos, the volume of real estate sales exceeded €1.2 billion with 4,400 transactions. The average property price was €159,190, prices ranged from €96,160 to €250,050.

The largest part of sales in Strovolos occurred in 2019 (931 transactions), while the bulk of transactions (3,800) over these five years related to a real estate worth up to €338,000. At the same time, 137 transactions exceeded €1 million, among them was the most expensive object for €25.9 million.

Nicosia. In the municipality of Nicosia, the volume of real estate sales exceeded € 1 billion, and the number of transactions amounted to 4,000. The average cost of the property was €110,000, and prices ranged from €71,880 to €209,140. The most expensive object was estimated at €13.4 million.

Most of the sales were made in 2018 (867), while most of the transactions (2,718) did not exceed €160,000 in value. The company attributes these figures to the lack of affordable real estate in the center of Nicosia, as well as the lack of available land for new development.

Lakatamia. In Lakatamia, the total volume of real estate sales approached €700 million with 3,350 transactions. The average cost 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, those related to a real estate worth up to €267,000 predominate. But the most expensive object is estimated at a staggering €43.9 million.

Engomi. In Engomi, the volume of real estate sales exceeded €400 million with 1,400 transactions. The average property price was €169,000, with typical prices ranging from €105,000 to €300,000.

The majority of sales were made in 2019 (320), and the bulk of transactions did not exceed €344,000. Approximately 40 objects were sold at a price of more than €1 million, and the most expensive of them cost €10.6 million.

Source: Cyprus Mail

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