Significant findings for apartment transactions in the Limassol region, for the period 2016-2023.
Demos Georgiou & Associates LLC presents some of the significant findings of the market research it conducted for apartment transactions in the Limassol region, for the period 2016-2023.
- Transactions of apartments in Limassol, demonstrated consecutive growth rates during the period 2016 – 2019, reaching an annual transaction value of €919mln in 2019.
- Similarly, transaction volume during that period reached 2.109 transactions.
- Following the plummeting effect of COVID-19, apartment transactions reached 3.207 transactions in 2022, compared to 1.902 during 2021, indicating an increase of c.70%, even surpassing the pre-pandemic peak 2018 levels (2.168) by c.50%
- During the 1st half of 2023, growth was observed in relation to both transaction volume and value compared to the 1st half of 2022. This is the result of surging demand from foreign companies to relocate their staff in Limassol, together with the resilient domestic demand.
- The majority of transactions sold in Limassol appear to be below €350k, representing c.70% of total transactions.
- The <€350k price bucket is the most resilient segment of the market. This is mainly attributed to the strong demand for primary residences by the locals. This data also signifies the foreign demand to relocate to Limassol.
Demos Georgiou MSc, ΜRICS
BSc (Hons) Property Management and Investment
RICS Registered Valuer
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