Nicosia property market sees demand spike for second-floor apartments
The Nicosia property market is experiencing strong demand for second-floor apartments, according to real estate analytics firm Ask Wire.
The company also reported notable differences in asking prices, with amounts ranging from €2,133 to €7,075 per square metre across different floors.
Dozens of under-constructions and newly completed projects are currently being monitored by the firm through the use of a ‘developer’s view’ tool.
Specifically, in Nicosia, a total of 72 developments, managed by 38 different land developers, are under observation.
These projects include multifamily developments that began construction or were completed between January 2016 and July 2024, providing a comprehensive view of the city’s property market
The analysis further reveals that 568 apartment sales have been completed across these 72 developments.
Buyer interest has been most pronounced in second-floor apartments, which accounted for 144 transactions, followed closely by first-floor apartments with 133 sales and third-floor apartments with 111.
As purchases taper off on higher floors, 56 transactions were recorded on the fourth floor and 22 on the fifth.
Sales figures drop into double digits for the sixth, seventh, and eighth floors, with 12 apartments sold on both the sixth and seventh floors, and 13 on the eighth.
In terms of prices, the report highlights a clear trend explaining the higher demand for lower floors.
The average price per square metre for first-floor apartments stands at €2,199, rising to €2,289 on the second floor, and €2,340 on the third.
An 85-square-metre apartment on the first floor would cost approximately €187,000, compared to €195,000 for a similar apartment on the second floor, and €200,000 on the third.
Notably, the highest average price per square metre is found on the 19th floor at €7,075, while the lowest price is on the ground floor, at €2,133 per square metre.
Pavlos Loizou, CEO of Ask Wire, commented on the findings, noting that “our detailed analysis reveals significant trends in the Nicosia property market and the growing demand for affordable housing, which is likely tied to changes in demographic and economic conditions”.
Loizou further stressed the importance of such data for land developers and real estate professionals.
“This kind of analysis helps developers and business owners make informed decisions, shaping their business plans based on specific data and understanding the trends and movements of their competitors,” he concluded.