The TOP-10 largest real estate deals in Cyprus in 2023 have been published

The Cypriot real estate analytical company, Ask Wire, has released a report describing the ten most profitable real estate transactions made in Cyprus in 2023. Nine out of the top 10 largest contracts were concluded in Limassol.

According to the report, the fifty largest deals in 2023, evenly distributed across districts, amounted to a total of 285.8 million euros.

At the same time, the TOP-10 most expensive sales collectively reached 120.4 million euros. The total value of deals in Limassol reached 111.2 million euros. In Famagusta, the total amount of transactions was 46.4 million euros. Following are Larnaca and Paphos: 42.6 and 41.1 million euros respectively.

"The analysis shows that in 2023, the market was dominated by sales of expensive real estate, and Limassol confirmed its reputation as the area with the most expensive real estate," noted Ask Wire's CEO, Pavlos Loizu.

Land purchase agreements occupy a noticeable place in the ranking.

Thus, the largest deal was concluded in Limassol, where a plot of land was purchased for 22.1 million euros in Tsiflikoudia. In addition to this transaction, seven other land-related operations made it to the final ranking. For instance, a land plot worth 13.2 million euros ranked second.

According to experts, this indicates the future dynamics of the market, as these expensive plots are mainly intended for development over the next 2-5 years.

In third place is commercial real estate purchased for 12 million euros.

It is worth noting that in the 10th place of the ranking is the purchase of a land plot in Famagusta for 9.1 million euros, the only entry in the ranking not from Limassol.