Limassol: A modern oasis in the Mediterranean
Walking alongside Limassol’s beachfront is a pleasure to the senses. Smell the delectable cuisine being served at seaside cafes, hear the chatter of people shopping and walking around, and observe the palm trees swaying in the wind amidst the bright blue ocean. Cyprus’ second biggest city with an actual population of ca. 108,000 inhabitants and ca. 260,000 residents in the wider region, Limassol, is an enchanting blend of ultramodern luxury and a recognition of the past. The city is alive with real estate development and new transformations, without forgetting its illustrious past. Limassol is an ever-evolving city that retains an unending charm.
Limassol, a city in continous change
Neighbourhoods
Limassol’s diverse range of offerings extends to its neighbourhoods. Potential investors have a several neighbourhoods to choose from, all offering their own distinctive advantages.
Agios Athanasios is the go-to spot for people seeking a tranquil, suburban experience. Located away from the bustling city center, this neighbourhood is picturesque and serene. Those investing in property here have full access to Agios Athanasios’ stunning greenery and rolling hills. This neighbourhood is ideal for families and couples looking for a living experience abundant in natural beauty. The suburb has infrastructure devoted to resident enjoyment, such as parks and hiking trails. Living in Agios Athanasios gives you the best of both worlds, as you can relax in this suburban oasis and easily travel to the beach or town center for some excitement.
For a change of pace, check out Neapolis, a lively and dynamic neighbourhood near Limassol’s city center. This neighbourhood is fast-paced and ever-changing. It is particularly known for its stylish atmosphere and vibrant culture. Those living in this neighbourhood have direct access to numerous stores, restaurants, and cafes. Ever the fashion-forward area, Neapolis is a prime location for those seeking modernity and style. Beyond this, Neapolis provides an excellent social scene, providing ample entertainment for residents. Whether you are looking for an apartment or villa, Neapolis is aptly suited to the modern individual.
Impressions of the marina and sea promenade
Leisure
Limassol’s beautiful beachfront promenade is a stunning testament to the city’s seaside allure. You can take a stroll along this scenic walkway to enjoy the sights and sounds of the bustling city. The seafront is also an optimal location for those looking to shop, whether that be to take a look at the local artisanal stores or purchase the latest trends at high-end boutiques.
Nightlife and Restaurants
The ever-exciting Limassol is the place to be for the investor looking for a dynamic nightlife scene. For instance, Saripolou Square is a bustling epicenter. Energetic and magnetic, Saripolou Square provides all the urban excitement needed for a night on the town. Popular with tourists and locals alike, this neighbourhood is a central location for access to restaurants and bars in Limassol. Saripolou Square is a place of transformation. During the day, you can enjoy restaurants and stunning street art at a leisurely pace. By night, Saripolou Square becomes a dazzling hub with plenty of bars and clubs to choose from.
Impressions of the nightlife in Limassol
Given Limassol’s diversity, those looking for restaurant options are spoiled for choice. You can opt for cozy tavernas, featuring fresh Cypriot food, or sample a range of other cuisines. Whether you want to engage in the Mediterranean diet, or you are in the mood for sushi, there is surely a restaurant you will enjoy. Limassol Marina is worth checking out for dinner with a stunning view. This luxury marina offers patrons the experience to savour delectable cuisine while basking in an unparalleled view of the Mediterranean.
The Real Estate Market
According to data from the Central Bank of Cyprus (CBC), the nationwide residential property price index rose by 7.42% (inflation-adjusted) during the year leading up to Q2 2023. This increase followed a series of year-on-year rises: 7.66% in Q1 2023, 6.6% in Q4 2022, 6.28% in Q3 2022, and 4.57% in Q2 2022. These upward price movements reflect a robust market buoyed by strong demand.
The coastal city of Limassol has been at the forefront of the real estate surge. Over the past year, apartment prices in Limassol soared by an impressive 13.94%, while house prices increased by 6.51%. This growth underscores the city’s appeal to both local and international buyers. Approximately 30% of total transactions and 47% of total value were recorded in Limassol, which has consistently outperformed all other cities since 2016.
Source: www.deloitte.com
An interesting aspect is to look at the total values of properties sold by asset class. Apartment sales were significantly higher than house sales in all cities, except Paphos, during 2022. The average price of each house sale was estimated to be almost double the price of each apartment sale, with the exception of Limassol, where the two types were almost equal, due to a number of sales on high value luxury apartments on high-rise towers.
Source: www.deloitte.com
Overall Limassol’s real estate market is leading all other cities with significantly higher total values, higher number of transactions, and higher average transaction volume.
But how much do houses and apartments in Limassol cost in the average? Well, we did some research and came to the follwoing conclusion.
The average house in Limassol is distinguished by high-quality finishing and construction materials. Many of the properties include large living rooms, spacious bedrooms with en-suite bathrooms, modern kitchens, parking spaces, and private courtyards. Villas for sale in Limassol often come with additional amenities such as saunas, barbecues, gyms, and more.
Villas prices in Limassol can vary depending on the size of the living unit, location, and level of luxury. However, compared to other countries, property prices in this resort town still remain relatively affordable.
According to the latest statistics, the cost of villas in Limassol on average is 761,889 USD, with the cost per square meter being 3,490 USD. Below you can find house prices depending on the number of bedrooms:
- 4 bedrooms – 874,749 USD;
- 5 bedrooms – 1,705,352 USD;
- 6 bedrooms – 1,968,808 USD;
- 7 bedrooms – 2,741,380 USD;
- 8 bedrooms – 3,090,282 USD.
The average cost of apartments in Limassol is 535,458 USD. Depending on the size of the property, the number of bedrooms, and other specific features, the price may vary.
Depending on the number of bedrooms, the average cost of flats in Limassol is as follows:
- Studios – 268,797 USD;
- 2-bedroom apartments – 425,447 USD;
- 3-bedroom apartments – 738,748 USD;
- 4-bedroom penthouses – 1,488,177 USD;
- 5-bedroom penthouses – 3,845,052 USD.
The average price of apartments in Limassol per square meter is 5,247 USD.
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