The hottest areas in terms of real estate prices in Cyprus are identified by the new tool developed by Proptech company WiRE , the “Cyprus Real Estate Hotspots”.
WiRE, using the technology and methodology it developed, decoded the average declared price per year, the type of property and the exact area of all real estate sales for 612 different areas in Larnaca province. Next, calculate the average and standard deviation of the declared price per year, type of property and area in order to identify where properties are systematically sold for higher prices. Proceeding to the analysis of data for a total of 8,638 transactions in the period 2018-2020, the most privileged areas of Larnaca province and the type of real estate that were systematically sold above the average declared price during the three years.
Specifically, it turned out that the hottest area for homes was “Giannades blue flag beach” on the coastal front of Pyla. For apartments, the hottest area was Mackenzie and specifically the hill in the southern part of Piale Pasha. In terms of plots, there were three areas where prices were consistently above average. These were Faneromeni, Chrysopolitissa and the Mackenzie area.
According to Pavlos Loizou, CEO of WiRE FS, technology has unlocked huge potential for all sectors, including real estate, which is one of the key players in the Cypriot economy. “Today, we can conduct specialized studies and identify through the” Cyprus Real Estate Hotspots “the long-term value of real estate transactions and areas that are consistently above average. Especially for the province of Larnaca, which is estimated to experience significant growth in the coming years and will cease to be the so-called “poor relative”, it is very important that both professionals and individuals know as much information as possible about the field of real estate. In this way we fulfill part of our mission,
For more information on the Cyprus Real Estate Hotspots tool, contact WiRE at 22-222550 or at email@example.com