Limassol maintained its lead in terms of real estate transactions in the second quarter of 2022, with the city's share of the value of all Cypriot transactions reaching 46,5%, according to data published by the Real Estate Registration Board.
As mentioned in a press release of the Council, the development of Limassol as a business center in recent years and more recently as a destination for international technology companies has maintained momentum in real estate transactions even after the end of the investment program.
According to the Council, from the analysis of the data of the Land Registry for the second quarter of 2022, most transactions concerned apartments, specifically 450 sales contracts amounting to 126 million euros, with an indicative average price of 280.000 euros.
In terms of housing, 50 transactions were recorded with a total value of €37 million, with an average sale price of €770.000, suggesting that many of these homes were luxury, the Council added.
In addition, it is reported that transactions for commercial real estate were significantly lower, amounting to 15 million euros for offices and shops.
"Although transactions involving commercial buildings may be included in other categories, such as plots of land in the process of development, however, the trend shows that for commercial developments the interest is mainly in renting and that is why rents are on the rise" , said the President of the Board of Registration of Real Estate Agents Marinos Kinaigirou, adding that land developers will have to adjust their plans to meet this increased demand.
In addition, it reported that 120 transactions were recorded that were classified as land sales with a total value of 127 million euros, which suggests that "land developers are in the process of planning and developing new projects to meet the increased demand, which currently exceeds offer for many real estate categories such as offices and apartments".
Source: KYPE