There is a significant contrast between Nicosia and Limassol’s apartment markets, an analysis of sales data from January 2019 to August 2024 by real estate consultancy Ask Wire revealed.
While Nicosia recorded 13,415 apartment sales worth €2.1 billion, Limassol saw 13,092 sales totalling €5.1 billion, highlighting the cities’ distinct market characteristics.
Limassol has emerged as a luxury property hub, with 2,174 transactions in the €500,000-€5 million range, totalling €2.6 billion. The coastal city also recorded 5,451 transactions in the €50,000-€200,000 bracket, worth €774 million.
“Limassol offers significant opportunities for developers targeting demand for exclusive and luxury properties,” said Pavlos Loizou, CEO of Ask Wire.
In contrast, Nicosia dominates the affordable housing sector, with 11,050 transactions in the €50,000-€200,000 range, worth €1.3 billion. The capital saw just 242 luxury apartment sales between €500,000-€5 million, totalling €205 million.
The mid-market segment (€201,000-€500,000) also shows marked differences:
- Limassol: 5,467 transactions worth €1.7 billion
- Nicosia: 2,123 transactions worth €577 million
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