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Limassol Leads The Charge In Cyprus’ Booming Real Estate Market

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.

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.

The Decline Of Smartwatches: A Turning Point In The Wearable Tech Industry

For the first time in history, the smartwatch market is facing a significant downturn. Shipments are expected to drop by 7% in 2024, marking a major shift in a segment that has been growing steadily for over a decade. A report by Counterpoint reveals that while Apple still holds the top spot, its dominance is being challenged by a surge from Chinese brands like Huawei, Xiaomi, and BBK. Even as the overall market struggles, some companies are thriving.

The Big Picture: Why Smartwatches Are Slowing Down

Apple’s flagship products have long been the driving force in the smartwatch market, but even the tech giant is feeling the pressure. The company’s shipments are projected to fall by 19% this year, though it will remain the market leader. Meanwhile, brands from China are capitalizing on the shift, with Huawei showing an impressive 35% growth in sales, driven by the booming domestic market and a broad range of offerings, including smartwatches for kids.

Xiaomi, too, is experiencing remarkable success, with a staggering 135% increase in sales. In contrast, Samsung is seeing more modest growth, up 3%, thanks to its latest Galaxy Watch 7 and Galaxy Watch Ultra series.

While some companies are succeeding, the broader market is facing headwinds. The biggest factor behind the overall decline is the slowdown in India, where consumer demand for smartwatches has stagnated. The segment is suffering from a lack of innovation and fresh updates, leaving many consumers with little incentive to upgrade their devices. Add to that market saturation, and it’s clear why many users are content with their current models. The Chinese market, however, is bucking the trend, showing 6% growth in 2024.

A Glimpse Into The Future

Looking ahead, the smartwatch market may begin to recover in 2025, driven by the increasing integration of AI and advanced health monitoring tools. As these technologies evolve, the industry could see a resurgence in demand.

Huawei’s Remarkable Comeback

Huawei’s impressive performance in the smartwatch space signals a broader recovery for the company, which has been hit hard by US sanctions. Once the world’s largest smartphone maker, Huawei’s business was decimated when it lost access to advanced chips and Google’s Android operating system in 2019. But in China, Huawei has maintained its dominance, with its market share growing to 17% in 2024.

This resurgence was partly driven by the launch of the Mate 60 Pro, a smartphone featuring a 7-nanometer chip developed in China. Despite US sanctions, the device surprised many with its capabilities, a testament to China’s rising investment in domestic semiconductor production.

In February, Huawei also unveiled its Mate XT foldable smartphone, the world’s first device to fold in three directions. Running on HarmonyOS 4.2, Huawei’s proprietary operating system, the phone further demonstrates the company’s resilience and ability to innovate despite international challenges.

Huawei’s smartwatch offerings are also catching attention, particularly the Huawei Watch GT 5 Pro, which launched in September of last year. With a premium titanium alloy design, a high-resolution AMOLED display, and impressive health tracking features, the GT 5 Pro has become a standout in the market, available to both Android and iOS users.

A Brief History Of The Smartwatch Revolution

The smartwatch market has had its fair share of milestones, but the real breakthrough came in 2012 with the Pebble, a Kickstarter-funded project that raised over $10 million. Pebble introduced the world to smartphone integration, app downloads, and long battery life, becoming the first truly mass-market smartwatch.

In 2013, Samsung entered the game with the Galaxy Gear, marking its first attempt at wearable tech. But it was Apple’s entry in 2014 that truly set the industry on fire. The Apple Watch’s sleek design, integration with iOS, and emphasis on health and fitness catapulted it to the top of the market, establishing a standard that many other brands would try to follow.

By 2021, the smartwatch industry had grown to over $30 billion in revenue, with annual growth reaching 20%. Yet now, it finds itself at a crossroads, with innovation stagnating and market saturation taking a toll.

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