Between January 2019 and August 2024, apartment sales in Nicosia reached 13,415 units, with a total value of €2.1 billion, while Limassol recorded 13,092 apartment sales worth €5.1 billion, according to data from the Department of Lands and Surveys cited by Ask Wire.
The report highlights a clear distinction in buyer preferences: Limassol dominates the high-value luxury apartment market, with a sales volume almost nine times higher than Nicosia. Conversely, Nicosia leads in affordable housing transactions, with twice as many as in Limassol.
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In Limassol, 2,174 transactions in the €500,000–€5 million price range accounted for €2.6 billion during this period. For apartments in the €50,000–€200,000 range, Limassol saw 5,451 transactions worth €774 million.
Nicosia, however, excelled in the lower price bracket, with over 11,000 transactions in the €50,000–€200,000 range, emphasising its strong position in the affordable housing sector.
The data also reveals that as property prices rise, demand in Nicosia tends to decline, unlike in Limassol, where interest remains robust in the €201,000–€500,000 price segment.
Market Insights and Opportunities
Ask Wire CEO Pavlos Loizou noted that Limassol’s thriving luxury apartment market presents a significant opportunity for developers. By offering high-quality, diverse options, they can cater to international investors seeking exclusivity and an appealing lifestyle.
In Nicosia, the focus on mid-scale developments designed to meet the needs of local entrepreneurs and households provides a pathway for stable returns, reflecting the city’s strong position in the affordable housing market.
