The most expensive real estate transactions in June

In June, the 50 most expensive real estate sales were made for a total of 79 million euros, according to Ask WiRE, a company specializing in real estate market research.

Among these sales, the 10 most expensive sales amounted to 39 million euros and the most expensive was a commercial property worth 12 million euros in the Limassol area.

Most of the high value properties are in the Larnaca area, where there were four transactions totaling €13.75 million.

In the ranking of the most expensive sales there are also two deals from Famagusta - a hotel and a complex of hotel apartments for a total of 5.38 million euros, both located in Paralimni. There is also one deal each from the districts of Paphos and Nicosia in the top ten.

The top ten most expensive real estate sales in June 2023:

• Commercial real estate - 12 million euros in Limassol (Limassol district)
• Plot of land - 5.4 million euros in Larnaca (Mazotos)
• Plot of land - 3.65 million euros in Larnaca (Pervolia)
• Plot of land - 3.3 million euros in Paphos (Pegeia)
• Hotel - 3.28 million euros in Famagusta (Paralimni)
• Plot of land - 2.5 million euros in Larnaca (Livadia)
• Mixed use building - €2.32 million in Nicosia (Lakatamia)
• Offices - 2.3 million euros in Limassol (Limassol district)
• Plot of land - 2.2 million euros in Larnaca (Larnaca Urban District)
• Tourist apartments - 2.1 million euros in Famagusta (Paralimni)

Almost 60% of the 50 most expensive properties are in the top 20 sales in Limassol and Larnaca. The ten most expensive properties in Limassol were sold for a total of €25.65 million (32%), while the ten most expensive properties in Larnaca were sold for €19.7 million (25%).

Commenting on these figures, Ask WiRE CEO Pavlos Loizou said, "The analysis shows the depth of the high value real estate market in each province and shows that the market is mainly driven by low value properties. Of the top 50 sales, 20 were below 1 million euros. This indicates that investment appraisal should take into account not only the value but also the geography, type and depth of the market, allowing investors to assess the liquidity of their investment."

Data source: Department of Land and Surveying.