Property sales in the Larnaca district nearly reached €3 billion in value over the past five years, a report from independent real estate asset management and advisory firm WiRE has shown.
The majority of property sales took place in the Larnaca municipality, where transactions reached €1.1 billion in value, representing 30 per cent of the entire district.
In the district’s three largest municipalities, Larnaca, Aradippou and Livadia, property sales exceeded €1.6 billion in value, while 9,600 transactions took place.
According to the report, the total amount of property sales across Cyprus over the past five years approached €25 billion, with more than 100,000 transactions taking place.
In the Larnaca municipality, the aforementioned amount of €1.1 billion in property sales was generated from 6,000 transactions over the past five years.
The average price for a property was €105,740, with the typical price range being between €69,000 and €170,000.
The majority of sales in the municipality took place in 2019 (1,378) while the lion’s share of transactions (approximately 5,000) involved properties with a price ceiling of €225,000.
The most expensive property sale in the Larnaca municipality during this time was valued at €13.2 million.
In Aradippou, the total value of property sales came up to €300 million, with 2,400 transactions taking place during this time.
The average price for a property was €103,108, while properties typically ranged between €54,811 and €173,573 in price.
The majority of sales in the municipality took place in 2019 with 521 transactions, while most of these sales (1,700) were worth a maximum of €224,000.
The priciest property in Aradippou over the past five years was sold for €4.4 million.
In the Livadia municipality, property sales hit €200 million in total, with 1,200 transactions being completed during this time.
The average property price was €110,000, while the typical price for a property ranged between €71,122 and €222,667.
Most sales in Livadia took place in 2021 with 221 property sales. Moreover, the majority of transactions ranged between €59,000 and €169,000.
The priciest property sale during the past five years was valued at €2 million.
“As was the conclusion with municipalities in other districts, the majority of transactions in the Larnaca municipality involved apartments, while in the municipalities of Aradippou and Livadia they concerned house sales,” WiRE explained.
In the Larnaca municipality, 4,083 apartments were sold for a total value of €604 million, while in Aradippou and Livadia those figures stood at €41 million (401 apartments) and €33 million (320 apartments) respectively.
Conversely, in the Larnaca municipality, 542 houses were sold for €78 million, while 486 houses were sold in Aradippou for €110 million and 372 houses in the Livadia municipality for €101 million.
The average house price in Aradippou was €218,000, while the average house price in the Livadia municipality was €250,000.