22.09.2022
Apartments led the rise in prices for sales and rentals in the second quarter of 2022, according to the Ask Wire index of real estate sales and rentals.
In Cyprus, quarterly sales volumes increased by 2.9% for apartments, 0.5% for houses and 0.1% for offices, while sales recorded quarterly declines of 0.3% for retail and 0.2% for warehouses.
The sales value of apartments and holiday homes rose by 2.2% and 0.6%, respectively, in the second quarter compared to the previous quarter.
Compared to the second quarter of last year, prices for apartments increased by 6.3% and for holiday apartments by 2.2%, while prices for houses decreased by 0.8%, for retail premises by 3.1%, by warehouses by 5.6%, offices by 2.4% and 1.9%. for holiday homes.
Larnaca stands out from other areas as the cost of apartments continues to rise for the fourth consecutive quarter (3.1% in the second quarter of 2022).
Apartment rental prices in the second quarter of 2022 increased by 6.6% for apartments, then by 5.0% for houses, by 1.6% for offices, by 0.5% for warehouses, while retail prices rentals remained stable. The cost of renting apartments and holiday homes increased by 5.7% and 3.7% respectively.
On an annualized basis, rent increased by 10.9% for apartments, 9.1% for houses, 8.0% for country apartments and 6.7% for country houses and decreased by 3.3% for retail space, 3.4 % for warehouses and 2.6% for offices.
Famagusta stands out from other areas as apartment rents have risen significantly after a year of stability and increased by 3.4% in Q4 2021 (up 7.9% in Q2 2022).
