€1.38 Billion, 3,164 Deals: Limassol’s 2024 Real Estate Market Unpacked
Limassol's Urban Market: The Pulse of Cyprus Real Estate
Limassol continues to set the pace for Cyprus’s residential real estate sector, with its urban market standing out as the island’s most active and valuable. According to 2024 Land Registry data analysed by Ask Wire, the city recorded 3,164 residential property transactions totaling €1.38 billion. This data offers more than just numbers—it highlights where demand is strongest, which price brackets are leading activity, and where the next opportunities are emerging. For investors, developers, and real estate professionals alike, these insights provide a vital edge in an increasingly competitive market.
The Luxury Segment: High Value, Low Volume
Limassol’s coastal zones remain a magnet for high-net-worth buyers, with the €1M+ luxury segment accounting for 32% of total transaction value (€441 million) despite making up just 8% of all sales (253 transactions). This clear value concentration underlines the enduring appeal of exclusive seafront residences and branded developments.
Germasogeia remains the epicenter of luxury living, recording 81 high-end sales totaling over €150 million. Lemesos Municipality followed with 45 transactions in the €1M–€5M range, adding up to €86 million. Agios Tychonas also performed strongly with 30 sales in the €1M–€5M bracket (€60.7 million), along with two ultra-prime deals above €5M worth €11.2 million. Similarly, Mouttagiaka saw 20 transactions between €1M–€5M (€43.2 million) and two €5M+ sales totaling €25.2 million, further reinforcing its position as a prime destination for upscale development.
The Mid-Tier Market: Limassol’s Transaction Powerhouse
While the luxury segment captures headlines, it’s the mid-tier (€200K–€500K) market that drives the bulk of activity. This range accounted for 43% of all transactions (1,362 deals) and 39% of total market value (€537 million), making it the backbone of Limassol’s real estate landscape.
Mesa Geitonia recorded 134 mid-tier sales totaling €49 million, confirming its popularity among middle-income buyers. Meanwhile, suburban municipalities like Ypsonas and Kato Polemidia collectively accounted for over 300 transactions in this price range, with a combined value of €114 million. These areas are increasingly seen as attractive alternatives offering space, accessibility, and value.
Affordable Housing: Scarce but Strategic
Homes priced under €200K made up 25% of all transactions (791 sales), but only 12% of total market value (€165 million). The low share of value points to a constrained supply of entry-level housing, a trend that may create long-term pressure on affordability if not addressed.
Ypsonas and Kato Polemidia again stood out in this bracket, contributing 210 sales, and confirming their status as emerging hubs for more affordable residential options within reach of the city.
What This Means for Industry Players
Limassol’s property market remains diverse, balancing strong demand for high-end residences with a healthy volume of mid-tier sales and an underserved affordable segment. Developers should be particularly attentive to suburban growth, where land availability and infrastructure are creating new potential. Investors, meanwhile, can find value in both premium zones and developing districts that offer long-term upside.
With over €1.38 billion in annual transactions, Limassol continues to evolve as Cyprus’s most dynamic urban market. In such a fast-moving environment, access to real-time, data-driven insights is not just useful—it’s essential for making informed, strategic decisions.