27.07.2023
In Cyprus, year on year prices increased by 12.2% for apartments, 4.6% for houses, 4.4% for offices, 1.2% for retail properties, 8.8% for holiday apartments, 3.7% on vacation homes and decreased by 1.5% on warehouses. Overall for the quarter, the values increased by 2.7% for apartments, 2.0% for houses, 1.0% for retail space, 2.0% for offices and remained stable for warehouses. As for apartments and holiday homes, their value increased by 3.0% and 1.2%, respectively.
Rent price
As for rent, compared to the second quarter of 2022, it increased by 17.9% for apartments, 13.6% for houses, 6.8% for retail space, 1.0% for warehouses, 10.8% for offices, 16.5% for holiday apartments and 13.9% for holiday homes. Quarterly rents increased by 5.6% for apartments, 6.2% for houses, 3.3% for retail space, 4.8% for offices and 0.5% for warehouse space. In terms of holiday apartments and holiday homes, rental prices increased by 3.3% and 3.2% respectively.
Pavlos Loizu , CEO of Ask Wire , commented: “The upward trend in property values and rental rates from the second quarter of 2022 is not slowing down, especially due to the increase in prices for apartments and houses in Limassol , Paphos and Larnaca . However, the combination of higher interest rates and high prices/rents has set a stable, albeit high, market cap. We expect commercial real estate prices to feel increased pressure as alternative investments offer attractive risk-adjusted returns.
Looking forward to the third quarter of 2023, we forecast that residential property prices will remain fairly stable despite potentially lower demand and reduced transaction volume. Investor demand for commercial real estate may remain somewhat limited.”
| Property type | Selling price | Rent price |
| Apartments | 2.7% | 5.6% |
| At home | 2.0% | 6.2% |
| Commercial objects | 1.0% | 3.3% |
| Warehouses | 0.0% | 0.5% |
| Office rooms | 2.0% | 4.8% |
| Vacation Apartments | 3.0% | 3.3% |
| Holiday houses | 1.2% | 3.2% |
| Property type | Selling price | Rent price |
| Apartments | 12.2% | 17.9% |
| At home | 4.6% | 13.6% |
| Commercial objects | 1.2% | 6.8% |
| Warehouses | -1.5% | 1.0% |
| Office rooms | 4.4% | 10.8% |
| Vacation Apartments | 8.8% | 16.5% |
| Holiday houses | 3.7% | 13.9% |
