Pavlos Loizou

Cypriot firm secures strategic investment for European expansion

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Cypriot firm secures strategic investment for European expansion

Ask Wire, a Cypriot firm, successfully completed an equity extension round to support its expansion into key European markets, particularly Greece and Romania. The majority of the funding was provided by existing investors, with significant participation from Lars Rasmussen, co-founder of Google Maps. Additional investment came from high-net-worth individuals in Greece and Romania, as well as Founders Bridge, a Stockholm-based venture capital fund. Ask Wire’s platform provides property profiles, market analysis, and risk assessments using data from various sources.

Aristotle in the age of AI: When data breeds inequality

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Aristotle in the age of AI: When data breeds inequality

Fact: Aristotle observed “There is nothing more unequal than the equal treatment of unequal things.”

Limassol continues to dominate high-end property sales

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Limassol continues to dominate high-end property sales

The ten most expensive property sales in Cyprus in April totaled €16.2 million, with Limassol being prominent in the high-end market. The highlight was a house in Paphos’ Kouklia that sold for €3 million. Limassol had the highest total transactions at €10.3 million, followed by Paphos at €4.9 million and Nicosia at €1 million. In the larger context of the 50 most expensive transactions, the total value reached €35.6 million, with Limassol leading with 37.1% of the total. Residential properties dominated the high-end market, with Limassol continuing to lead in high-value property sales.

Properties show stability, annual growth in prices and rents

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Properties show stability, annual growth in prices and rents

Property prices in Cyprus increased by 6.3% for apartments, 2.1% for houses, 3.0% for offices, 0.4% for retail, 3.6% for holiday apartments, 1.0% for holiday houses, and remained stable for warehouses in Q1 2024 according to the Ask Wire Index.

Cyprus rental costs surge by 9.3 per cent , — Limassol sees highest property price increases

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Cyprus rental costs surge by 9.3 per cent , — Limassol sees highest property price increases

Property values in Cyprus increased during the first quarter of 2024 compared to the same period in the previous year, with apartments seeing a rise of 6.3% and houses experiencing a more modest increase of 2.1%. Limassol emerged as the district with the highest percentage increase in prices for both apartments and houses. Rental values for apartments surged by 9.3%, while houses saw a 6.4% increase. Warehouse prices remained unchanged over the year.

Sunshine and strain , – a market divided

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Sunshine and strain , – a market divided

– The Cyprus real estate sector is experiencing growth and prosperity, with a booming economy and construction flourishing in coastal hotspots like Limassol.
– Locals are facing financial strain due to rising interest rates, inflated property prices, and loan restructuring, while foreign investors are attracted to Cyprus for its incentives.
– Foreign investment has fueled the coastal boom but creates vulnerability due to reliance on external capital.
– Cyprus has a history of overlooking problems and needs a proactive approach from the government to ensure long-term stability.
– One in four persons living in Cyprus was born overseas, contributing to the economy and cultural landscape.
– Challenges in the housing market include increased competition for jobs, rising prices, and pressure on public services.
– Integration policies and inclusive economic planning are essential to ensure fair distribution of benefits and foster shared prosperity for all residents.

Top 10 big-buy deals in Cyprus

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Top 10 big-buy deals in Cyprus

The top ten most expensive property sales transactions completed in March amounted to €48.1 million, with the most expensive transaction being an office building in Potamos Germasogeia in Limassol at €28 million.

Cyprus apartment sales , €154m in Q4 2023

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Cyprus apartment sales , €154m in Q4 2023

Fact: In Q4 of 2023, two-bedroom apartments were the main attraction for buyers in Cyprus, with a total of 240 sales completed, amounting to €154 million in value.

Paphos tops February property deals, , €4.8 mln for plot

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Paphos tops February property deals, , €4.8 mln for plot

– Paphos and Limassol are driving the island’s property market, with the majority of sales in February taking place in these two districts.
– The most valuable transaction in February was the sale of a plot in the Paphos district valued at €4.8 million.
– Paphos district led with five transactions among the top ten sales, followed by Limassol with four, and Nicosia with one.
– The top ten transactions totaled €12.6 million in Paphos, €9.8 million in Limassol, and €2.75 million in Nicosia.
– The top ten highest-priced properties in the Paphos district fetched €17.5 million, while those in Limassol amounted to €17.4 million, and Nicosia recorded €9.4 million.
– The ten properties with the lowest values sold in February were in Larnaca district, totaling €7 million, followed by Famagusta district with €3.7 million.
– CEO Pavlos Loizou highlighted a significant uptick in high-value property transactions compared to January, with Paphos district surpassing Limassol in total sales value.

Top 50 property deals net , €286 mln

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Top 50 property deals net , €286 mln

Last year, the top 50 real estate transactions in Cyprus generated a total of €285.8 million. The ten most expensive property deals amounted to €120.4 million, with the highest-priced deal being a plot of land in Limassol Municipality valued at €22.1 million. Limassol dominated the list of the ten most expensive transactions, accounting for nine deals worth €111.2 million. The remaining deal on the list was a field near Paralimni in the Famagusta district sold for €9.1 million. Limassol district accounted for 42% of the total value of all deals, followed by Famagusta with 16.2%. Larnaca and Paphos districts had values of €42.6 million and €41.1 million, respectively, while Nicosia district recorded a value of €35.5 million. The CEO of Ask Wire, Pavlos Loizou, noted the prominence of field plots in high-value transactions, suggesting their future development potential within the next two to five years.