07.02.2023
According to the Ask WiRE Property Index for the fourth quarter of 2022, average annual property prices in Cyprus rose by 9.9% for apartments, 1.0% for houses and 0.3% for offices.
Selling prices also increased by 4.7% for holiday apartments and 0.9% for holiday homes, but decreased by 1.4% for retail and 3.7% for warehouses.
Nicosia stood out from other areas in that apartment prices continued to rise throughout the year (2.5% in the fourth quarter of 2022).
Overall, quarterly sales volumes increased by 1.6% for apartments, 0.1% for houses and 0.4% for offices and remained stable for retail and warehouse space. The sales value of apartments and holiday homes increased by 1.9% and 0.4% respectively.
Rents for apartments increased by 18.2%, for houses – by 11.6%, for retail premises – by 0.9%, for offices – by 6.3%, for holiday apartments – by 16.9% and for houses – by 12.8%, while the rent for warehouse space decreased by 0.4%.
Paphos leads in the rental value of apartments and holiday homes with a quarterly increase of 5.0% and 11.8% respectively in the fourth quarter.
Average quarterly rental rates increased by 2.7% for apartments, 1.1% for houses, 1.7% for retail space and 0.8% for offices, while for warehouse space remained stable.
In terms of apartments and holiday homes, rental prices increased by 3.6% and 5.9% respectively.
Pavlos Loizu, CEO of Ask WiRE, said: “Influx of population due to immigration during 2022 and pent-up demand over the past couple of years continues to drive the housing market.
Quarterly Real Estate Values (Q3 vs Q4 2022)
| Property type | Selling price | Rent price |
| Apartments | 1.9% | 2.7% |
| At home | 0.1% | 1.1% |
| Commercial | 0.0% | 1.7% |
| Warehouses | 0.0% | 0.0% |
| Office rooms | 0.4% | 0.8% |
| Vacation Apartments | 1.9% | 3.6% |
| Holiday houses | 0.3% | 5.9% |
Annual Change in Property Value (Q4 2021 vs Q4 2022)
| Property type | Selling price | Rent price |
| Apartments | 9.9% | 18.2% |
| At home | 1.0% | 11.6% |
| Commercial | -1.4% | 0.9% |
| Warehouses | -3.7% | -0.4% |
| Office rooms | 0.3% | 6.3% |
| Vacation Apartments | 4.7% | 16.9% |
| Holiday houses | 0.9% | 12.8% |
The Ask WiRE Index covers all neighborhoods and major property types with values since the fourth quarter of 2009.
