We are one of the valuation firms in Limassol that maintains a large volume of business, and we are quite experienced in the fields of buying, selling, demand, supply, and valuation of properties. Over the past three years, we have observed various market trends developing. The future of the market remains uncertain; however, there are signs that lead us to believe it is promising.
Starting from mid-2021, the market has shown continuous growth despite the termination of the passport securing program. In 2022, Limassol’s market continued this upward trend with record sales. This was a consequence of the war between Russia and Ukraine, which led many citizens from these countries to permanently relocate to the Limassol district and beyond. This trend persisted until the summer of 2023, driven by a high demand for housing, whether through renting or buying residential units.
The market also experienced positive impacts in the commercial real estate sector as a significant number of companies moved to Cyprus. Towards the end of 2023 and the beginning of 2024, the market faced a significant shake-up due to the conflict between Israel and Hamas, as well as sanctions imposed on some Russian citizens. Nevertheless, the market in 2024 continues at a good pace, with the majority of buyers being Cypriots, Russian-speaking individuals, Israelis, Europeans, and Scandinavians.
Although the number of sales has decreased compared to last year, the fact that the supply of properties is now very limited is a cause for concern. Properties that were traditionally accumulated in banks and asset management companies have drastically decreased. Many property owners have acquired their properties the last years without loans, meaning there might not be an immediate need for sales, and so on.
From our perspective, the current rate of sales is satisfactory for maintaining a smoothly functioning market. This allows for the absorption of the existing supply, reduction in rents, and provision of affordable housing for everyone. This way, we can avoid seeing property prices skyrocket within just a few months.
In conclusion, as valuers and real estate consultants, we see that Limassol maintains and will continue to hold the leading position in Cyprus’s market and the population of Limassol will continue to increase rapidly in the coming years. Despite market fluctuations, the reasons are simple: quality of life, proximity to mountains and the sea, new infrastructure projects, new schools, new Universities, new health centers, and most importantly, new people from all nationalities eager to contribute to the country’s economy.
Demos Georgiou MSc, ΜRICS
BSc (Hons) Property Management and Investment
RICS Registered Valuer
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