27.04.2023
Pavlos Loizu , CEO of Ask Wire , commented on the results of the published index for the first quarter of 2023, stating that “Property and rent growth is showing signs of slowing down after significant growth since the first quarter of 2022 for apartments and houses in Limassol, Paphos and Larnaca .
“We expect commercial real estate prices to come under pressure as alternative investment classes offer attractive risk-adjusted returns. Looking into the second half of 2023, we expect residential property prices to remain broadly stable, although demand will decline and transaction volume will decrease, while commercial property will face various challenges and investor demand will remain relatively low.” .
Real Estate Value Change Quarterly (Q4 2022 vs Q1 2023)
| Property type | Selling price | Rent price |
| Apartments | 3.2% | 2.6% |
| At home | 1.3% | 1.5% |
| Сommercial real estate | 0.4% | 0.7% |
| Warehouses | 0.0% | 0.0% |
| Office rooms | 1.4% | 0.8% |
| Vacation Apartments | 1.8% | 2.3% |
| Holiday houses | 1.5% | 1.3% |
Annual percentage change in real estate value (Q1 2022 vs Q1 2023)
| Property type | Selling price | Rent price |
| Apartments | 12.3% | 19.0% |
| At home | 3.1% | 12.2% |
| Сommercial real estate | -0.1% | 3.3% |
| Warehouses | -1.8% | 1.0% |
| Office rooms | 2.4% | 7.5% |
| Vacation Apartments | 8.0% | 19.1% |
| Holiday houses | 3.1% | 14.5% |
