22.09.2022
Ask WiRE, a company that combines real estate expertise with technology, has published a new version of the Ask WiRE index for the second quarter of 2022. The Ask WiRE index covers all provinces and major property types with prices since the fourth quarter of 2009.
Across Cyprus, on a quarterly basis, sales prices rose by 2.9% for apartments, 0.5% for houses and 0.1% for offices, while they fell by 0.3% for commercial property and 0.2% for warehouses . Prices for apartments and holiday homes rose by 2.2% and 0.6% respectively. On an annualized basis, prices rose 6.3% for apartments and 2.2% for holiday apartments, while they fell 0.8% for houses, 3.1% for commercial property, 5.6% for warehouses , 2.4% for offices and 1.9% for country houses. Larnaca stands out among the provinces in that apartment prices continue to rise for the fourth consecutive quarter (3.1% in the second quarter of 2022).
On a quarterly basis, rents increased by 6.6% for apartments, 5% for houses, 0.5% for warehouses, 1.6% for offices and remained stable for commercial property. In terms of apartments and holiday homes, rental prices rose by 5.7% and 3.7% respectively. On an annualized basis, rents increased by 10.9% for apartments, 9.1% for houses, 8.0% for country apartments and 6.7% for country houses. On the contrary, they decreased by 3.3% in commercial real estate, by 3.4% in warehouse real estate, and by 2.6% in office real estate. Famagusta stands out from all the provinces in that apartment rental prices showed a significant increase after a year of stability and rose by 3.4% in the 4th quarter of 2021 (up 7.9% in the second quarter of 2022).
Pavlos Loizu, CEO of Ask WiRE, commenting on the above data, stated that “Population growth due to immigration flows in the first half of 2022, the availability of mortgages and increased demand over the past two years continue to give momentum to the market as investors look for ways obtaining new sources of income. On the contrary, the change in the landscape of office use and the new structure of Cypriot banks (less staff, fewer branches), as well as the transition to electronic markets and the relocation of new shopping centers / destinations to Nicosia and Larnaca, a significant impact on the office and commercial real estate market. Strong economic turmoil faced by households is slowing down demand for mortgages while demand from abroad is picking up. We are still far from returning to stability as the global economy and geopolitical balances are constantly shifting.”
Cyprus Price Change Quarterly (Q2 2022)
| Property type | Selling price | Rent price |
| Apartments | 2.9% | 6.6% |
| Houses | 0.5% | 5.0% |
| commercially | -0.3% | 0.0% |
| Warehouses | -0.2% | 0.5% |
| Office rooms | 0.1% | 1.6% |
| Vacation Apartments | 2.2% | 5.7% |
| Holiday houses | 0.6% | 3.7% |
Annual percentage change in real estate prices (Q2 2022)
| Property type | Selling price | Rent price |
| Apartments | 6.3% | 10.9% |
| Houses | -0.8% | 9.1% |
| commercially | -3.1% | -3.3% |
| Warehouses | -5.6% | -3.4% |
| Office rooms | -2.4% | -2.6% |
| Vacation Apartments | 2.2% | 8.0% |
| Holiday houses | -1.9% | 6.7% |
