Ask Company Wire , which specialises in tracking transactions, asking prices and construction activity in the property sector, has published its updated Property Sale and Rental Price Index for the third quarter of 2024. The data covers all areas of Cyprus and the main property types, dating back to the fourth quarter of 2009.
According to this index, price dynamics vary depending on the type of property:
- Apartments : annual price growth was 1.2%, for holiday apartments – 0.1%.
- Price reduction : a decrease in the cost of warehouses by 1.8%, commercial real estate by 1.4%, residential buildings and offices by 0.8% was noted.
- Quarterly dynamics : price decrease for warehouses – 1.8%, for houses and commercial properties – 0.8%, for offices – 0.5%, for holiday apartments – 0.4%, for flats – 0.1%.
- Holiday apartment prices rise : prices rose by 1.4%.
Quarterly Percentage Change in Property Value (Q2 2024 vs. Q3 2024)
| Property type | Prices | Rent |
| Apartments | -0.1% | -1.2% |
| At home | -0.8% | -0.8% |
| Commercial real estate | -0.8% | -0.7% |
| Warehouses | -1.8% | -1.8% |
| Office premises | -0.5% | -0.6% |
| Holiday apartments | 0.4% | 0.0% |
| Holiday homes | -0.4% | 0.0% |
Rental rates also show mixed dynamics:
- Apartment rent growth : 1.9% year-on-year increase.
- Rent reduction : warehouses – 2%, holiday apartments – 1%, houses – 0.8%, commercial real estate – 0.7%, offices – 0.6%.
- Vacation rental stability : no annual changes recorded.
- Quarterly dynamics : decrease in rental rates for apartments by 1.2%, warehouses by 1.8%, houses by 0.8%, commercial real estate by 0.7%, offices by 0.6%.
Annual Percentage Change in Property Value (Q3 2023 vs. Q3 2024)
| Property type | Prices | Rent |
| Apartments | 1.2% | 1.9% |
| At home | -0.8% | -0.8% |
| Commercial real estate | -1.4% | -0.7% |
| Warehouses | -1.8% | -2.0% |
| Office premises | -0.8% | -0.6% |
| Holiday apartments | 0.1% | -1.0% |
| Holiday homes | -0.6% | 0.3% |
The Cyprus property market continues to adapt to challenging conditions, offering opportunities for cautious investors. For a more detailed analysis of property prices for sale and rent in different areas, visit Ask Wire : https://ask-wire.com/insights/
