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Limassol Leads The Charge In Cyprus’ Booming Real Estate Market

by THEFUTURE.TEAM

December 11, 2024

The Cypriot real estate market experienced significant growth in 2024, with Limassol firmly at the forefront. From suburban houses to city-centre apartments, shifting buyer preferences and rising investment interest are driving demand across the island.

Limassol: A Market Powerhouse

Limassol remains the undisputed leader, with property sales far exceeding those of other districts. From January to September 2024, the city recorded 237 house sales worth €165 million and 1,469 apartment sales valued at €820 million.

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Limassol City attracted the most apartment sales (557 units, €471,000 average), followed by upscale Germasogeia (247 units, €706,000 average) and Agios Athanasios (133 units, €342,000 average). The housing market also saw strong demand in Ypsonas, Cherkezoi, and Agios Tychonas, reflecting Limassol’s appeal among local and international buyers seeking luxury and investment opportunities.

Nicosia, Larnaca, and Paphos Follow the Trend

Nicosia, the island’s capital, saw strong demand for apartments, with 1,194 units sold for a total of €236.9 million. Key areas like Strovolos, Lakatamia, and Nicosia City led apartment sales, driven by professionals and investors seeking high-yield properties.

Larnaca has become a rising star, attracting buyers seeking affordable homes and apartments. The district recorded 191 house sales worth €64.35 million and 1,113 apartment sales totalling €218.8 million. Sales were concentrated in Larnaca City, Livadia, and Aradippou, where buyers are drawn by the promise of coastal living and competitive pricing.

Paphos continues to attract foreign buyers and lifestyle investors. In 2024, it recorded 243 house sales worth €149.6 million and 416 apartment sales totalling €138.4 million. The district’s coastal charm, scenic views, and investment potential make it a prime choice for second-home buyers and holiday rental investors.

Shifting Buyer Preferences

The 2024 market trends reveal a shift towards suburban living, with areas like Ypsonas (Limassol), Lakatamia (Nicosia), and Aradippou (Larnaca) gaining traction. The pandemic has influenced demand for larger, more comfortable living spaces.

Apartments remain a strong choice for professionals, students, and investors, particularly in Limassol, Nicosia, and Larnaca, where rental yields and urban convenience appeal to younger demographics. Investors are also targeting city-centre apartments as Cyprus maintains its status as a key market for international buyers.

What’s Next?

With Limassol leading the charge, the Cypriot property market is set for continued growth. Demand for suburban homes will likely persist, while city-centre apartments remain a lucrative investment. Limassol’s luxury market will continue to draw affluent buyers, and regions like Nicosia, Larnaca, and Paphos are set to benefit from rising demand.

Buyers prioritise lifestyle, space, and investment returns as the market evolves. Cyprus’ appeal as a residential and investment destination remains strong, with Limassol at its heart.

UAE’s Foreign Trade Hits Record $820 Billion In 2024, Fueled By Strategic Deals

by THEFUTURE.TEAM

February 5, 2025

In 2024, the UAE’s foreign trade reached a historic $820 billion (AED 3 trillion), marking a significant achievement for the nation. This milestone was driven by a rise in international trade agreements, with Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, highlighting the pivotal role these partnerships played in the country’s economic growth.

Strong Trade Growth

The UAE’s foreign trade saw a robust 14.6% year-on-year growth in 2024, a stark contrast to global trade growth of just 2%. Sheikh Mohammed credited the nation’s ongoing efforts to strengthen economic ties globally, with a particular emphasis on the role of UAE President Sheikh Mohammed bin Zayed Al Nahyan, who has worked tirelessly to cultivate stronger international relationships.

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The Impact Of CEPAs

A key contributor to the UAE’s foreign trade success is the implementation of Comprehensive Economic Partnership Agreements (CEPAs). These agreements, spearheaded by Sheikh Mohammed bin Zayed, added an impressive $36.8 billion (AED 135 billion) to the UAE’s non-oil trade in 2024, marking a 42% increase from the previous year. These agreements are helping to cement the UAE’s position as a global trade hub.

Achieving Ambitious Goals Early

In 2021, the UAE set an ambitious target of reaching $1.1 trillion (AED 4 trillion) in foreign trade by 2031. By the end of 2024, the country had already achieved 75% of this goal, putting it on track to surpass this target well ahead of schedule. This rapid progress reflects the UAE’s strong economic vision and strategic focus on progress over politics.

Exports Surge

The UAE’s exports also saw a significant jump in 2024, rising 32% between January and October compared to the same period in 2023. This performance highlights the strength of the country’s industrial strategy and its growing global market access.

Outlook for 2025

The UAE’s economic outlook remains strong, with the International Monetary Fund (IMF) forecasting 4% growth in 2025, driven by non-oil sectors such as tourism, construction, and financial services.

In conclusion, the UAE’s record-breaking trade figures are a testament to its effective economic strategies and its growing influence in global markets.