The city of Limassol continued to lead the way concerning transactions in real estate in the second quarter of 2022, with the coastal city’s share in the value of the total transactions amounting to 46.5%, according to data published by the Council for Registration of Real Estate Agents Cyprus (MRICS).
In a press release MRCIS said that the growth of Limassol as a business centre in the last years and more recently as a centre for international tech companies maintained the momentum in real estate transactions even following the termination of citizenship by investment programme.
According to MRICS, according to an analysis of the Land Registry Department data for the second quarter of 2022, most transactions concerned apartments, namely 450 sale contracts amounting to €450 million with a nominal average price of €280,000.
With regard to houses, 50 transactions were recorded with a total value of €37 million, corresponding to an average price per contract amounting to €770,000 which suggests that many of these houses were luxury residences, MRCIS added.
Furthermore, transactions on commercial real estate (CRE) were significantly lower, amounting to €15 million for offices and shops.
“Although transactions in CRE may be included in other categories such as plots in the process of development, the trend shows that interest in commercial real estate development mainly concerns rental purposes which is manifested in the rising rent prices,” MRICS chairman Marinos Kineyirou has said, adding that land development corporations should adjust their plans to facilitate this rising demand.
Moreover, he said that the sizeable transactions classified as land sales amounted to €127 million which suggests that “developers are in the process of developing new projects to cover the rising demand which currently outstrips supply in real estate such as offices and apartments.”