According to the Cyprus Real Estate Agents Registration Board, there has been a noticeable shift in investor interest towards land purchases in the second quarter of 2024. Released on Tuesday, 3rd September, the data highlights a growing trend among investors to buy land plots on the island, primarily for the development of modern residential complexes, which are later resold as individual apartments.
Apartments Still More Popular for Personal Use While the market for land plots is heating up, the demand for apartments remains strong, especially for personal use. Houses, on the other hand, are less in demand, largely due to the high costs associated with purchasing villas or mansions. Many local buyers are unable to secure the necessary loans to finance such expensive properties, leading them to opt for more affordable apartments instead.
Flats Sales Data During the second quarter of 2024, a total of 489 apartment sales were recorded across Cyprus. Nicosia led in terms of the number of sales, but Limassol registered the highest average flat prices at €246,919, significantly surpassing the national average. By comparison, the average apartment price in Nicosia was €134,031, in Larnaca €133,058, in Paphos €122,846, and in the free areas of Famagusta €109,804.
House Sales Overview Between April and June 2024, 110 house transactions were completed in Cyprus. The free areas of Famagusta led with 35 sales at an average transaction value of €273,028. Paphos followed closely with 31 sales, averaging €398,857 per transaction, while Limassol and Larnaca reported average values of €362,429 and €205,035, respectively.
Land Plots Nicosia saw the highest number of land plot sales in the second quarter of 2024, recording 273 out of the 666 total transactions across the island. However, Paphos boasted the highest average transaction value at €265,884, followed by Limassol at €260,613. Nicosia’s average land plot value was €198,737, while Larnaca and the free areas of Famagusta reported average values of €173,220 and €151,103, respectively.
Agricultural Land In terms of agricultural land transactions, Nicosia (435) and Limassol (417) took the lead in volume. However, Paphos and Larnaca had the highest average prices for agricultural land, with values of €170,873 and €96,255, respectively. The free areas of Famagusta recorded an average price of €144,359, followed by Limassol at €135,392, and Nicosia at €104,752.
The data reflects a growing demand for land investments across Cyprus, with each region showing unique trends in terms of transaction volumes and values (Source: Cyprus Real Estate Agents Registration Board).
Source:dom.com.cy