Europe

Limassol leads real estate deals

Even after the Golden Passport scheme ended in late 2020, Limassol’s development as a business hub and destination for international technology companies has kept the real estate sector alive.

The Real Estate Agents Registration Council of Cyprus said the boom in Limassol’s property market continued into the second quarter of 2022, as nearly half of the sales occurred in the district.

Based on Land Registry data, 46.5% of real estate transactions (value) in Q2 took place in Limassol.

About 450 sales transactions and deposits sales documents Limassol recorded a value of around €126 million.

The reference average selling price of all properties was approximately €280,000.

About 50 housing deals were reported, with a total value of €37 million.

The average sales price was €770,000, indicating that most sales were associated with luxury homes and apartments.

The reported commercial real estate deal was worth €15 million and involved offices and shops.

Council chairman Marinos Kineirou said the number of deals could be even higher as many of the sales are related to properties under development.

“Most of the interest is coming from investors looking for properties available for rent, a trend evidenced by rent increases.

“Land developers will have to adapt their development plans to meet this increased demand,” said Kineyiro.

Land parcel sales also increased as 120 transactions worth €127 million were recorded.

“Many land deals show land developers are planning and developing new projects to meet growing demand that is currently outstripping the supply of much land,” Kineyirou said. . Property category offices, apartments, etc.

He noted that 222 deals worth 94 million euros involved land on which residential projects were to be developed.

455 agricultural plots worth €54 million were sold for an average of €117,000.

 

 

post Limassol leads real estate deals first appeared financial mirror.

https://www.financialmirror.com/2022/08/11/limassol-leads-real-estate-transactions/ Limassol leads real estate deals

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