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27th June 2022
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HomeProperty StatisticsLand transaction volume & value increase continues

Land transaction volume & value increase continues

WiRE FS, combining real estate knowhow with technology, has published its analysis of December 2021’s land transactions across Cyprus.

WiRE’s analysis indicates that compared to the previous month there has been a 35% increase in the number (1054) and a 44% increase in the value (€171.4 million) of land parcels transacted.

More specifically, Nicosia had the highest number of land transactions (390 transactions), with Lakatamia be the most popular location (62 transactions). Limassol had the highest total value of land parcels transacted (€76.5 million), with Limassol Municipality having the highest value of properties (€19.9 million).

Since the start of the year the total number and value of land parcels transacted was 8,947 and €1.2 billion, respectively. In particular, the year-to-date transaction volume of plots was 3,382 and of fields 5,731, while the transaction value was €515.5 million and €642.2 million respectively.

Compared to November 2021, transaction volume of plots increased by 75% in Nicosia, 15% in Limassol, 24% in Larnaca, 150% in Paphos, and decreased by 75% in Famagusta.

Over the same period transaction value increased by 71% in Nicosia, 33% in Limassol, 12% in Larnaca and 401% in Paphos, while it decreased by 78% in Famagusta.

Over the same period, transaction volume of fields increased by 29% in Nicosia, 42% in Limassol, 8% in Larnaca and 68% in Paphos, and decreased by 3% in Famagusta. The transaction value increased by 156% in Nicosia, 239% in Limassol, 86%in Paphos and 41% in Famagusta, while it decreased by 72% in Larnaca.

Pavlos Loizou, Managing Director of WiRE FS, commented that “Land transactions are indicative of the nature of the market in Cyprus; namely that demand is mainly driven by locals who acquire land for either own use, to build their homes, or for long-term investment.

“Due to low interest rates, non-existent deposit rates, and a lack of holding tax on owning real estate, many have chosen to acquire land as an easy way to invest in real estate. Recent experience however has shown that land, particularly in secondary areas, tends to become illiquid and loose its value quickly in times of crisis.”

Source: WiRE FS – Transactions of Plots December 2021
District Transaction
Volume
Transaction
Value
Area with
highest volume
Transaction Volume Area with
highest value
Transaction
Value
Nicosia 182 €29.1mln Lakatamia 44 Lakatamia €7.7mln
Limassol 126 €31.4mln Limassol Municipality 26 Limassol Municipality €6.3mln
Larnaca 62 €8mln Aradippou 9 Larnaca Municipality €1.6mln
Paphos 25 €6.4mln Geroskipou 5 Kouklia €1.7mln
Famagusta 3 €0.2mln Paralimlni 2 Paralimni €0.2mln
Total 398 €75.2mln
Source: WiRE FS – Transactions of Fields December 2021
District Transaction
Volume
Transaction
Value
Area with
highest
volume
Transaction
Volume
Area with
highest
value
Transaction
Value
Nicosia 208 €21.8mln Lakatamia 18 Lakatamia €8.5mln
Limassol 207 €45.2mln Ypsonas 17 Limassol Municipality €13.6mln
Larnaca 95 €10.3mln Aradippou 22 Aradippou €3mln
Paphos 111 €15.1mln Peyia 7 Kissonerga €5mln
Famagusta 35 €3.8mln Paralimni 12 Ayia Napa €1.9mln
Total 656 €96.2mln

For a breakdown of movements in land transactions, visit https://goaskwire.com/.

Copyright © 2022 All Rights Reserved by WiRE FS

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