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Property prices continue to fluctuate

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According to Q2 data processed by WiRE, the effects of the coronavirus pandemic are still felt by the Cyprus Real Estate market, with sale prices recording a quarterly drop across all property types.

The same applies to rental prices, with a few exceptions.

The annual drop recorded in the sale and rental prices for commercial properties in the second quarter is most noticeable.

On an annual basis, there was a rise in the prices for most residential properties.

Quarterly, prices for apartments fell by 0.14%, houses by 0.36%, commercial properties by 0.85%, warehouses by 0.33%, office space by 0.62%, holiday apartments by 0.38% and holiday homes by 0.95%.

Limassol stands out from the districts, as apartment prices rose for the fourth quarter in a row (about 2.5% in Q2 2021), compensating for the significant drop recorded in Q1 and Q2 of 2020.

Annually, there was a significant drop in the prices of commercial properties and warehouses – 5.1% and 4%, respectively.

Compared to the previous quarter, rental prices across Cyprus for apartments recorded the smallest drop by 0.05%.

For houses, rental prices dropped by 1.6%, commercial properties by 2.10%, warehouses by 0.94%, office space by 0.41%, holiday apartments by 0.59% and holiday homes by 1.50%.

On an annual basis, Paphos had the most significant drop in rental prices across all property types.

The biggest drop was recorded for holiday homes and commercial properties, with 5.5% and 8% respectively.

Managing Director of WiRE FS, Pavlos Loizou, said: “The slow progress made in improving the country’s epidemiological profile has festered uncertainty.

“While we have observed an increase in the number of transactions compared to the first half of 2020, we are still miles away from seeing a return to stability, let alone observe an uptake in the market.”

WiRE FS publishes a quarterly index, which records sales and rental prices across all districts in Cyprus and for all types of properties.

For more information:   https://www.wire-fs.com/wire-index-q2-2021/

Quarterly percentage change in prices (Q2 2021 with Q1 2021)

Property Type Sale Prices Rental Prices
Apartments -0.14% 0.05%
Houses -0.36% -1.16%
Commercial -0.85% -2.10%
Warehouses -0.33% -0.94%
Office spaces -0.62% -0.41%
Holiday apartments -0.38% -0.59%
Holiday houses -0.95% -1.50%

Source: WiRE FS

Annual percentage change in prices (Q2 2021 with Q2 2020)

Property Type Sale Prices Rental Prices
Apartments 0.3% -0.5%
Houses 1.7% 0.8%
Commercial -5.1% -8.0%
Warehouses -4.0% 0.0%
Office spaces -0.8% -3.6%
Holiday apartments 0.8% 0.4%
Holiday houses -3.8% -5.5%

Source: WiRE FS