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Rising property values but outlook mixed

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Across Cyprus in Q3 2023, annual prices increased by 12.2% for apartments, 4.6% for houses, 4.4% for offices, 1.2% for retail, 8.8% for holiday flats, and 3.7% for holiday homes, but decreased by 1.5% for warehouses.

Quarterly, values increased by 2.2% for apartments and 1.3% for offices.

The sale value remained stable for houses, retail, and warehouses.

As for holiday apartments, values increased by 0.8% and remained stable for holiday homes.

Regarding rental values, compared to Q3 2022, there has been an increase of 13.3% for apartments, 9.2% for houses, 6.6% for retail, 9.9% for offices, 13.4% for holiday apartments and 11.0% for holiday houses.

There was a decrease of 0.6% for warehouses.

Quarterly, rental values increased by 1.8% for apartments, 0.1% for houses, 0.8% for retail and 3.2% for offices.

Warehouses have decreased by 1.1%, although holiday apartments and houses’ rental values increased by 3.5% and 0.3%, respectively.

Pavlos Loizou, CEO of Ask Wire, said: “The rising trend in property values and rental rates since Q3 2022 isn’t slowing down, particularly due to the increase in prices, especially in Limassol and Larnaca.

“Nevertheless, the blend of political instability in the area, increased inflation, and upward trajectory of prices/rents have established a stable, although high, market threshold.

“Looking forward to Q4 2023, we expect residential property prices to remain fairly steady despite potentially slower demand and reduced transaction volume.

“We also expect commercial property pricing to come under increased pressure as alternative investments provide attractive risk-adjusted returns. ”

The Ask Wire Index covers all districts and main property types, with values from Q4 2009.

For a breakdown of movements in sale and rental values by district, visit https://ask-wire.com/insights/.

 

Across Cyprus: Quarterly percentage change in property values (Q2 2023 with Q3 2023)

Property Type Sale Value Rental Value
Apartments 2.2% 1.8%
Houses 0.0% 0.1%
Commercial 0.0% 0.8%
Warehouses 0.0% -1.1%
Office spaces 1.3% 3.2%
Holiday apartments 0.8% 3.5%
Holiday houses 0.0% 0.3%

Source: Ask Wire

Across Cyprus: Annual percentage change in property values (Q3 2022 with Q3 2023)

Property Type Sale Value Rental Value
Apartments 12.2% 13.3%
Houses 4.6% 9.2%
Commercial 1.2% 6.6%
Warehouses -1.5% -0.6%
Office spaces 4.4% 9.9%
Holiday apartments 8.8% 13.4%
Holiday houses 3.7% 11.0%

Source: Ask Wire