September 06, 2017

Property sales in Limassol and Paphos on the rise

NicosiaProperty sales in Limassol and Paphos have shot up while Larnaca recorded a drop, according to media reports.

Real estate sales in August increased by 27% with 572 transactions recorded in total for all districts.

For the first eight months of 2017 total property sales are up 20% in Cyprus from 4088 last year to 4921.

During the first eight months Limassol has seen the biggest rise in property deed sales at 34% with 1805 recorded transactions. For August alone this figure was 56%.

In Paphos property sales until August increased 26% compared to last year with 1243 transactions from 986 last year.

For the same period Nicosia saw a 23% on 2016 while in Famagusta there was a 19% rise.

The odd district out was Larnaca with an 8% dip in title deed transactions from 861 to 790 for the first eight months.

Meanwhile, according to the Property Valuers Association (SEEAK), buying a house or apartment in Cyprus is most costly in Nicosia and Limassol, followed by Larnaca, then Paphos.

A one bedroom apartment in Nicosia ranges between €100,000 and €120,000, for two bedrooms between €150,000 and €200,000, while a three bedroom apartment costs between €240,000-€300,000.

Prices for apartments in Limassol range at the same level as they do in Nicosia, while in Larnaca prices range between €80,000 and €200,000. In Paphos, apartment prices range between €70,000 and €150,000.

Detached house prices in Nicosia range between €350,000 and €550,000, while in Limassol they range between €300,000 and €450,000. In Larnaca they cost between €270,000 and €300,000, while in Paphos between €260,000 and €300,000.

Semi-detached houses cost between €250,000-€300,000 in Nicosia, €250,000-€270,000 in Limassol, and €195,000-€225,000 in Larnaca.

On a related subject, the Statistical Service of Cyprus (CYSTAT) recently announced that the number of building permits authorised by the municipal authorities and the district administration offices during June 2017 stood at 502. The total value of these permits reached €141.3 ml and the total area 101.500 sq.m. These building permits provide for the construction of 381 dwelling units.

During the period January – June 2017, 2.870 building permits were issued compared to 2.611 in the corresponding period of the previous year. The total value of these permits increased by 33,7% and the total area by 31,1%. Τhe number of dwelling units recorded an increase of 39,5%.