Ask WiRE : The 10 biggest property sales in Cyprus in June 2023

Ask WiRE, a company that combines real estate expertise with the use of technology, has compiled and published the total value of the 10 most expensive real estate sales completed in June 2023 and the total value of the 10 most expensive sales by province.

The 50 largest transactions, ten per province, in June had a total value of €79 million. The 10 most expensive sales totaled €39 million, where the most expensive sale involved a €12 million commercial property in Limassol. The province with the most properties in the highest sales is Larnaca with four transactions with a total value of €13.75 million. The province of Famagusta participates with two sales, of a hotel and a complex of hotel apartments, with a total value of €5.38 million, which took place in Paralimni. Paphos and Nicosia are represented in the ten most expensive properties with one property each.

The total value of the 50 properties exceeded €79 million. Almost 60% of the value of these sales corresponds to the 20 properties in the provinces of Limassol and Larnaca. Specifically, the ten most expensive properties in Limassol were sold for €25.65 million and correspond to 32% and the ten properties in Larnaca with €19.7 million to 25%. The ten most expensive properties sold in June in Nicosia province are of much lower value (€13.45 million), followed by Paphos (€11.8 million) and Famagusta (€8.5 million).

Pavlos Loizou, CEO of Ask WiRE, commenting on the above data stated that "the analysis shows the depth of the market for high value/price properties by province, where it appears that the market 'is moving' mainly with low-value properties. In particular, of the 50 largest sales, 20 were for less than €1.0 million. This shows that any investment evaluation must consider, along with value, the geography, type, and depth of the market so that the investor can know how liquid his investment is."