The suburbs of Limassol are thriving alongside the aging city.

Out of a total of 52,259 buildings in the city and suburbs of Limassol, approximately 806 are new structures, aged up to 10 years, but most of them are over 50 years old. There are 1,503 buildings in the 10 to 20-year category, and 11,264 buildings in the 20 to 30-year category.

The company Ask Wire, which combines expertise in real estate with technology, has analyzed data showing the age of buildings in Limassol. The analysis demonstrates the trajectory of residential development over time, as well as the areas experiencing growth.

In addition, construction work began on 163 residential buildings from January 2022 to March 2023. Of these, 65 (40%) are located in the municipality of Limassol, 29 (18%) in the municipality of Germasogeia, and 21 (13%) in the municipality of Agios Athanasios.

Based on the results of the Ask Wire analysis, it is clear that there has been an increase in residential construction in the western areas of Limassol, particularly in the Erimi and Zakaki regions, near the casino resort. In the eastern areas, there is noticeable growth in residential construction in the tourist areas of Agia Fila and Papa. Closer to the city center and surrounding municipalities/communities, there are naturally more old buildings.

Given the significant population growth in the city in 2022, when around 40,000 people moved to Cyprus, along with the number of properties, this explains the continuous rise in prices for both buying and renting. According to Ask Wire data for the first quarter of 2023, rental prices for apartments and houses in Limassol increased by 1.78% and 4.17% respectively compared to last year, while prices for purchasing apartments and houses also rose by 3.29% and 2% respectively.

Pavlos Loizou, the CEO of Ask Wire, said: "The picture of residential development aligns with expectations for a city where the oldest buildings are concentrated in the city center, and as you move away from it, the age of the properties decreases. However, there are also traditional cores in the villages surrounding the city of Limassol, such as Agios Athanasios and Polemidia, which are now part of the broader Limassol while still retaining some of their unique characteristics. Ask Wire's analysis highlights areas with the greatest potential and provides real-time, detailed insights into how the city and its dynamics are changing, such as growing/expanding areas and population density. These results are particularly important for entrepreneurs in the retail and hospitality sectors, as well as for real estate investors, construction companies, and building material suppliers."