Cyprus property sales at a 15-year high!

Cyprus property sales at a 15-year high!

Property prices in Cyprus continued their upward trend in the fourth quarter of 2022, propelled by both heightened construction costs and increasing demand, as outlined in a report from the Central Bank of Cyprus (CBC). The Residential Property Price Index (RPPI), encompassing houses and apartments, exhibited quarterly and annual growth during this period.

 Year-over-year, there was an uptick in Cyprus residential and commercial property prices during the third quarter of 2023, with apartments exhibiting a slightly higher increase than houses. Marginal gains were also observed in the prices of offices.

Percentage Changes in Market Values:

• Apartments: Up by 9.00%

• Houses: Rose by 7%%

• Offices: Recorded a gain of 5%

Holiday home prices, both holiday apartments and holiday houses, continued their robust performance, with increases exceeding 7% over the past year. At a district level, Limassol demonstrated the most significant rise in holiday houses, surpassing the performance of apartments. In contrast, Paphos and Famagusta experienced a slightly stronger increase in apartment prices than houses.

Percentage Changes in Holiday Home Prices:

• Holiday Apartments: Saw an increase of 7%

• Holiday Houses: Experienced a rise of 7%

Year-on-year rental values exhibited growth across all asset categories, with apartments leading the way, closely followed by holiday apartments and houses. Retail and warehouse asset classes recorded more modest increases.

Percentage Changes in Rental Values:

• Apartments: Increased by 18%

• Houses: Saw a rise of 15%

• Offices: Grew by 8%