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Properties show stability, annual growth in prices and rents

Properties show stability, annual growth in prices and rents

26.05.2024

Ask Wire, a technology company for tracking transactions, asking prices and construction activity in the real estate sector, has released a new edition of the Ask Index Wire for the first quarter of 2024, covering prices for sales and rentals of properties in Cyprus. Ask Index Wire covers all regions and major property types starting in the fourth quarter of 2009.

Across Cyprus, year-on-year prices increased in the 1st quarter of 2024 by 6.3% for apartments, 2.1% for houses, 3% for offices, 0.4% for commercial properties, 3.6% for apartments for holidays, 1% for holiday homes and remained unchanged for warehouses. Overall, on a quarterly basis, prices increased by 0.8% for apartments, by 0.4% for houses, by 0.2% for offices and by 0.5% for holiday apartments.

Prices for commercial real estate, warehouses and vacation homes remained stable. Limassol has seen the highest percentage increase in both prices for the purchase of apartments and prices for the purchase of houses.

As for the cost of rent, compared to the first quarter of 2023, its growth was 9.3% for apartments, 6.4% for houses, 4.2% for commercial real estate, 8.2% for offices, 5.9% for apartments for holiday homes and 3.4% for holiday homes.

A slight decrease of 0.6% was recorded in prices for renting warehouse premises. In quarterly terms, apartment rental prices increased by 0.9%, while prices for other types of real estate remained stable.

Source and photo: www.financialmirror.com, Editor estateofcyprus.com
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