09.12.2022
Vacation homes continue to show a steady upward trend in purchase and rental values.
Cyprus Quarterly Property Price Index prepared by KPMG Cyprus, after a sharp drop due to the coronavirus in 2020 and early 2021, the number of holiday homes continued to rise in the third quarter of 2022.
Compared to the third quarter of 2021, the two categories of resort residential property posted strong growth, with apartments leading the way with 7.65% growth and houses growing by 6.93%.
When comparing changes on a quarterly basis, growth was observed for both categories across the island, with the largest increase recorded in Free Famagusta , both in holiday apartments (8.65%) and holiday homes (6.98%).
It is emphasized that in all other provinces an increase was recorded, with the lowest recorded in Paphos (1.33% in holiday homes). The cost of holiday apartments in Limassol increased by 2.84% quarterly, while the cost of holiday homes increased by 1.82%.
The rent has gone up
On an annualized basis (Q3 2021), rental income increased across all property types, with the largest increase recorded in homes (16.76%).
This is followed by holiday apartments with an annual increase of 16.36%, and below are apartments (15.54%), holiday homes (9.39%), offices (9.18%), commercial real estate and warehouses with the lowest yield (1.50% and 2.71%).
