09.02.2024
Cyprus real estate analytics company Ask Wire on Thursday published a report outlining local real estate market performance for the fourth quarter of 2023, including property sales and rental values.
Rent prices remained stable during the quarter, with house and apartment rents up 8.0% and 11.1%, respectively, over the year. There was a slight decrease in the value of home sales during the quarter, while the value of houses and apartments increased over the year by 3.0% and 8.8%, respectively. Although the market is currently generally stable, demand for residential property is expected to decline further in the first quarter of 2024.
On an annual basis, prices increased by 8.8% for apartments, by 3.0% for houses, by 4.2% for offices, by 0.8% for trade, by 4.9% for country apartments, by 4.8 % for country houses and consistently for warehouses. On a quarterly basis, apartment prices increased by 0.5%, while warehouse sales prices remained stable. Most property types fell by 0.3% for houses, 0.6% for commercial properties, 0.5% for office space, 0.8% for holiday apartments and 0.2% for holiday homes. .
Year-on-year compared to the fourth quarter of 2022, there was an increase of 11.1% in apartments, 8.0% in homes, 4.9% in retail, 9.0% in office, 8.4% in vacation rentals and holiday homes by 4.8%. Although there was a decrease of 0.6% in warehouses .
In quarterly terms, apartment rental prices increased by 0.7% and remained stable for other real estate properties. For holiday apartments, the decrease was 1.0%, while the rental price of holiday homes remained the same.
Pavlos Loizu , CEO of Ask Wire , commented that “real estate demand is being impacted by political unrest in the region, inflation eating into household disposable income, and elevated mortgage rates.
“As we move into the first quarter of 2024, with significant supply expected and demand weakening, prices are expected to adjust accordingly.
“Furthermore, commercial real estate values are likely to continue to face significant challenges given the attractiveness of alternative investment opportunities that offer attractive risk-adjusted returns.”
Quarterly percentage change in property values in Cyprus (Q3 2023 vs Q4 2023)
| Property type | Sales price | Rent price |
| Apartments | 0.5% | 0.7% |
| At home | -0.3% | 0.0% |
| Commercial | -0.6% | 0.0% |
| Warehouses | 0.0% | 0.0% |
| Office rooms | -0.5% | 0.0% |
| Holiday apartments | -0.8% | -1.0% |
| Holiday homes | -0.2% | 0.0% |
Annual percentage change in property values in Cyprus (Q4 2022 vs Q4 2023) | ||
| Property type | Sales price | Rent price |
| Apartments | 8.8% | 11.1% |
| At home | 3.0% | 8.0% |
| Commercial | 0.8% | 4.9% |
| Warehouses | 0.0% | -0.6% |
| Office rooms | 4.2% | 9.0% |
| Holiday apartments | 4.9% | 8.4% |
| Holiday homes | 2.5% | 4.0% |
