11.08.2023
55th quarterly publication of the RICS Cyprus Real Estate Index property Index, together with KPMG in Cyprus, registers a real estate price and rent index, tracking property prices and rents in all areas of Cyprus and the main types of real estate.
Contents
Market value on an annualized basis
In the second quarter of 2023, prices for residential real estate (outperforming apartments in houses), office and warehouse real estate were recorded to continue to rise, while prices for retail premises continued to stagnate .
Apartments have risen in price by 12.11%
Houses have risen in price by 9.03%
Selling space grew by 1.57%
Warehouses up 6.95%
Offices grew by 8.46%
Holiday home prices
The price index for apartments and holiday homes has increased over the year, with holiday apartments leading the way:
Holiday apartments at 9.00%
Cottages have risen in price by 8.53%
Annual rental price
Rents have increased over the year, with holiday apartments in first place, followed by residential apartments, houses and holiday homes. The cost of renting offices, warehouses and retail space has also increased:
Apartments have risen in price by 18.99%
Houses have risen in price by 14.46%
Retail space by 2.90%
Warehouses up 3.07%
Offices by 8.30%
Vacation apartments have risen in price by 20.01%
Holiday homes have risen in price by 11.24%
Rental income
In the second quarter of 2023, rental yields were:
Apartments 5.44%
Houses 2.93%
Retail 5.81%
Warehouse 4.27%
Office 5.39%
Vacation apartments 5.73%
Holiday homes 2.77%
Conditional buildings
The Cyprus Property Price Index RICS, in conjunction with KPMG Cyprus, tracks hypothetical or imaginary buildings, each with specific characteristics. The methodology behind the Index was developed by the University of Reading .
The price per square meter is based on the total outside area of the property (as defined in the 8th edition of the RICS Code of Measurement Practice), which includes living space and covered verandas, but excludes common areas.
Price level assessments are carried out by RICS accredited real estate professionals who are active in their respective markets.
