Blog
Limassol Leads The Way In The Real Estate Market
April 29, 2021
Limassol continues to be the most important real estate market in Cyprus, and this is supported by all available information: sales, rentals and prices. Contrary to popular opinion, the Limassol real estate market is not showing signs of saturation, and despite existing issues and occasional fluctuations, it continues to be dynamic. The repeal of the Cyprus Citizen by Investment Programme, for example, has had an evident effect, yet interest for high-end properties in Limassol has not completely disappeared, with real estate companies adjusting accordingly. In 2020, 54% of the transactions for Real Estate assets with worth over €1.5 million were recorded in Limassol, according to a PwC Cyprus report. Given that there are still quite a few available high-end properties in the district, the developers behind them must make appropriate adjustments. At any rate, in 2020, Limassol was well ahead in terms of transactional value (the total amount exceeded €1.1 billion) and it was second in the volume of transactions (28% of the total).
With the pandemic and its effects on economic growth coming under control, we estimate that property development in the city and the wider Limassol area will continue at a rapid pace. After all, it’s not a coincidence that the Limassol district has historically absorbed the greatest number of building permits issued.