Largest Study of Property Sale Prices in Cyprus Reveals Market Insights

Strategic Insights -

The largest and most comprehensive study of property sale prices in Cyprus has been completed by BuySell, in collaboration with AXIA Chartered Surveyors. The study analyzed 121,434 properties listed for sale on BuySellCyprus.com, providing valuable insights into the Cypriot real estate market. The analysis covers the prices of 32,990 two-bedroom apartments available for sale across Cyprus, with a focus on the districts of Limassol, Nicosia, Larnaca, Paphos, and Famagusta. The study's findings will be announced through a series of press releases over the coming weeks.

Key Takeaways:

  • The most expensive district for two-bedroom apartments is Limassol, with a median price of £4,497/sq.m, followed by Paphos at £3,878/sq.m, and the most affordable district is Nicosia, at £2,379/sq.m.
  • The average and median prices show a notable difference, particularly in Famagusta, where the average price is £5,210/sq.m and the median is £2,611/sq.m, due to a large number of high-end properties.
  • The top 10 areas in Limassol represent 65% of all two-bedroom apartments for sale, with the eastern suburbs being the most expensive, and the most affordable areas being Kato Polemidia and Ypsonas.
  • Nicosia is the most homogeneous market, with prices ranging from under £200,000 to £290,000 in the 10 most popular areas.
  • Larnaca has seen the largest increase in property values over the past five years, driven by factors such as relocation of oil refineries and proximity to the airport.
  • Paphos attracts the highest demand from international buyers, with Tombs of the Kings being the most expensive area, and Polis Chrysochous being one of the most affordable areas.
  • Famagusta has an astonishing 98% of two-bedroom apartment listings concentrated in the top 10 areas, with tourist areas dominating the market.

Statistics:

  • The study analyzed 121,434 properties listed for sale on BuySellCyprus.com.
  • 32,990 two-bedroom apartments were analyzed, providing a comprehensive view of the Cypriot real estate market.
  • The most expensive district for two-bedroom apartments is Limassol, with a median price of £4,497/sq.m.
  • The average and median prices show a notable difference, particularly in Famagusta, where the average price is £5,210/sq.m and the median is £2,611/sq.m.
  • The top 10 areas in Limassol represent 65% of all two-bedroom apartments for sale.
  • Nicosia is the most homogeneous market, with prices ranging from under £200,000 to £290,000 in the 10 most popular areas.
  • Larnaca has seen a 5-year increase in property values, driven by factors such as relocation of oil refineries and proximity to the airport.

Sources:

  • BuySellCyprus.com
  • AXIA Chartered Surveyors
  • Cloudflare data
  • BuySellCyprus.com (press releases)
  • BuySellCyprus.com (property listings)