Apartments Outshine Houses in Larnaca Property Market: Key Insights
Cypriot firm Ask Wire recently released a report on real estate sales in Larnaca, covering 2022 and early 2023. The report sheds light on the prevailing property market trends in the city.
The data reveals that Larnaca residents have shown a significant preference for apartments over houses. Buyers purchased 1,929 apartments and 864 houses in the previous year, indicating a notable increase in apartment sales.
After the report's release, Paulos Loizou, CEO of Ask Wire, expressed excitement about the stellar performance of Larnaca's real estate sector in 2022. When analyzing the housing and apartment market data, it becomes apparent that locals primarily purchase properties for residential purposes.
The report also highlights a smaller luxury housing and apartment market, primarily influenced by Israeli and Lebanese investors. Although this market is comparatively smaller than locations like Limassol, it is expected to continue growing in 2023.
Regarding prices, the majority of apartments sold in the Larnaca district in 2022 were valued below €211k, with only 11.3% sold at higher prices. Buyers consistently showed interest in apartments priced up to €211k and houses up to €278k.
Buyers acquired 407 apartments below €77k, 841 apartments between €77k and €144k, and 462 apartments between €144k and €211k. Additionally, 91 apartments were purchased in the €211k to €278k range, with another 65 apartments sold in the €278k to €345k range. The report also notes that 63 apartments were sold at a value exceeding €345k.
In the housing market, the focus predominantly remained on properties valued between €77k and €278k. Out of the 864 houses sold in 2022, 542 houses (62.7%) fell within this price range. Buyers acquired 199 houses in the €77k to €144k range, 196 houses in the €144k to €211k range, and 109 houses below €77k. Furthermore, 147 houses were sold between €211k and €278k, along with 106 houses between €278k and €345k. A total of 107 houses were sold with a value surpassing €345k.
In Q1 2023, the property market in Larnaca remained dynamic, with 530 houses and apartments being sold. These transactions accounted for 19% of the overall sales in 2022.
The report offers valuable insights into the flourishing Larnaca property market, where apartments are outperforming houses. The trend of strong apartment sales and the sustained interest in specific price ranges are expected to continue, while the luxury housing segment continues to attract international investors.