Real Estate Agents Registration Council: Buyers are turning to apartments

Buyers' interest was primarily focused on apartments in April-June this year, with 489 transactions taking place across Cyprus, as compared to 110 house sales.

In its quarterly "Real Estate Market Update" report, the Real Estate Agents Registration Council said there were 489 transfers of ownership of apartments across Cyprus in the second quarter of the year.

Most sales were made in the Nicosia district, it said, while the highest average value of apartments was recorded in Limassol (€246,919) and is significantly higher than the average value of apartments transferred in the other districts controlled by the Republic of Cyprus.

The average value of apartments in the Nicosia district was €134,031, in Larnaca €133,058, in Paphos €122,846 and in Famagusta €109,804.

As for houses, 110 transactions were recorded in all districts (except Nicosia, which the Council said did not deliver the data in time for the report’s drafting).

Larnaca district had the lowest performance in this category of properties and was surpassed in sales by the district of Famagusta. The average value of the 31 transactions in Paphos district was €398,857, while just below that at €362,429 was the average value of the 24 sales recorded in Limassol. The average value of the 35 sales in Famagusta was €273,028 and in Larnaca €205,035.

It is noted that the figures relate to transfers of real estate property ownership made throughout the district, including municipalities, and not only in urban centres.

The Nicosia district dominated land sales, based on the sample of transfers from the second quarter Comparative Sales, with 273 of the 666 transactions completed in the second quarter, the press release continues, adding that in terms of average values the highest were in the Paphos districts (€265. 884) and Limassol (€260,613), followed by Nicosia district with an average value of €198,737, Larnaca district with €173,220 and the free district of Famagusta with €151,103.

It should also be noted that many land plots may have quite a large area while others may include buildings hence the high value recorded.

Finally, the Council notes that the districts of Nicosia (435) and Limassol (417) together recorded the most (852) of the 1,501 transactions completed in the first quarter nationwide.

In average values, fields were more expensive in Paphos district (€170,873) and cheaper in Larnaca district (€96,255). In the other three districts, average field values were €144,359 in Famagusta, €135,392 in Limassol and €104,752 in Nicosia. It should be clarified that even in this case some properties registered as fields may include buildings.

The press release also includes statements by the president of the Real Estate Agents Registration Council, Marinos Kineyirou, who noted, among other things, that market conditions have now turned the interest of buyers to the acquisition of apartments.

Τhe data included in the Council's quarterly report focus on the four main categories of real estate (apartments, houses, land plots and fields) and aim to capture the average value of sales completed in each district and the number of transactions.

It is clarified that the data on average prices do not only refer to sales made in the urban city centres of the areas controlled by the Republic of Cyprus but are derived by taking into account all sales made within the geographical boundaries of each district.