CYPRUS: Property prices up in Q3 2017

Property prices saw a significant year-on-year increase in the third quarter of last year, up 7.4% in the case of apartments and 4.2% for houses, according to the RICS’ Cyprus Property Price Index.

Throughout Cyprus, the price of flats increased by 7.4% compared to Q3 2016, houses by 4.2%, offices by 8.8%, warehouses by 4.4% and retail properties by 4.5%.

The RICS index saw increases on an annual basis in all towns and asset classes, with Paralimni on the east and Paphos on the west showing slightly smaller annual increases.

The highest increase was in Limassol with 13.2%, for offices the highest increase was in Nicosia with 19.5%, while for warehouses and retail the highest increase was also in Nicosia with 7% respectively.

On a quarterly basis, residential prices for both houses and flats increased on a quarterly basis by 1.7% and 0.5%, respectively, with the biggest increase being in Limassol with a quarterly increase of 4.1% for flats and 5.5% for houses.

The value of holiday homes on a quarterly basis across Cyprus increased by 2.50% for flats and 1.80% for houses. Limassol showed the highest quarterly increases for holiday apartments with an increase of 4% and Paralimni for holiday homes with an increase of 2.9%.

Throughout Cyprus, rental values increased by 4.6% quarter on quarter for apartments, 2.5% for houses, 1.5% for retail, 5.7% for offices and 0.9% for warehouses.

Compared to Q3 2016, rents increased annually by 12.5% for flats, 9.2% for houses, 6.1% for retail, 22.4% for offices and 1.6% for warehouses.