The three major municipalities of the Limassol District – the Municipality of Limassol, of Yermasoyia and of Agios Athanasios, gained a significant share of the real estate market over the past five years.
According to data processed by WiRE, the value of the transactions carried out during the past five years in the three municipalities exceeded €6.3 billion and their volume exceeded 14,000. Meanwhile, the total value of transactions over the past five years across Cyprus reached €30 billion, whilst transactions exceeded 100,000 in total.
More specifically, in the Municipality of Limassol the value of the transactions exceeded €3.3 billion, and transactions amounted to 7900. The median price of the transactions amounted to €178,912, with a typical price range between €110,082 and €314,714. Most sales in this municipality were recorded in 2018, when they reached 1781, while most transactions, 5485, were worth up to €260,000. Transactions of more than €1 million amounted to 625, of which 422 ranged from €1.5 million to €70.3 million.
Regarding the Municipality of Yermasoyia, the value of the transactions exceeded €2.1 billion, while transactions amounted to 4095. The median price of these transactions, however, was significantly higher than the corresponding one in the Municipality of Limassol, amounting to €341,431 we half recorded in the range of €161,113 to €598,725. Most sales in this municipality were recorded in 2018, when they reached 940, while most transactions, 1786, were worth €123,000 to €443,000. A significant number of transactions (1187) concerned real estate with values between €443,000 and €959,000. Transactions worth more than €1 million amounted to 478, of which 192 ranged from €1.7 million to €21.8 million.
As to the Municipality of Agios Athanasios, the value of the transactions exceeded €800 million, and more than 2000 transactions took place. The average price of the transactions was €264,296, while the typical price range was €172,875 to €429,995. Most sales in the municipality were recorded in 2019, when they reached 443, while most transactions (1054) were worth between €178,000 and €472,000. Transactions of more than €1.4 million amounted to 73, and €17.9 million was the highest price recorded.
Apartments own the pie
A common feature of the sales in all three major municipalities was that most of them concerned apartments. Specifically, in the Municipality of Limassol, 4566 apartments with a total value of €1.5 billion were sold in the last five years, , averaging €165,000. In the Municipality of Yermasoyia, 2676 apartments were sold, amounting to €1.3 billion and with the average price at €363,458 euros. As far as the Municipality of Agios Athanasios is concerned, 744 apartments were sold with a total value of €230 million, with an average price of €235,550.
To increase transparency and equal access to real estate market data, WiRE will periodically publish real estate market data to help interested buyers and investors in the sector make informed decisions. The company has piloted a data analytics tool which provides aggregated gate on more than 100,000 transactions and automated valuations of individual units in selected areas. It is freely available at www.goaskwire.com.