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Residential market powers ahead, commercial wobbles

Residential market powers ahead, commercial wobbles


According to the WiRE Real Estate Index for the fourth quarter, in Cyprus, quarterly sales increased by 1.4% for apartments and 0.5% for houses and decreased by 0.5% for retail space, 2% for warehouses and 0.3% for offices.

In terms of holiday apartments, sales values ​​increased by 1%, while holiday homes decreased by 0.1%.

On an annualized basis, prices increased by 2.2% for apartments and 0.7% for country apartments and decreased by 0.5% for houses, 3.4% for trade, 4.5% for warehouses, 2.1% for offices and 3.7% for country houses.

Larnaca stands out from other areas as apartment prices continue to rise for the fourth consecutive quarter (2.5% in Q4 2021).

Quarterly rental rates increased by 1% for apartments, 1.7% for houses and decreased by 0.6% for retail space, 1.3% for warehouses and 1.4% for offices.

For apartments and holiday homes, rental prices increased by 1.5% and 2.0% respectively.

On an annualized basis, rents increased by 2.0% for apartments, 0.4% for houses and 0.9% for vacation apartments and decreased by 5.5% for retail space, 3.2% for warehouses, 6.7 % for offices and 1.4% for country houses.

Larnaca stands out from other areas as holiday apartment rentals have risen sharply after a year of stability (6.3% in Q4 2021).

Pavlos Loizou, CEO of WiRE FS, said: “The strong labor market, the availability of mortgage loans and pent-up demand over the past couple of years continue to drive the housing market as investors look for ways to generate income. On the contrary, the changing landscape of the use of offices and the structure of Cypriot banks (less staff, branches), as well as the shift to online shopping and the attractiveness of the newly opened shopping centers / destinations in Nicosia and Larnaca, are having a significant impact on the office and retail market. We are still a long way from returning to stability, let alone seeing growth in the commercial market or a sense of direction in buying and holiday home prices.”

In Cyprus: quarterly percent change in property value (Q3 2021 vs Q4 2021)

Property typeSelling priceRent price
Office rooms-0.3%-1.4%
Vacation apartments1.0%1.5%
Rest houses-0.1%2.0%

For Cyprus: annual percentage change in property value (Q4 2021 vs Q4 2020)

Property typeSelling priceRent price
Office rooms-2.1%-6.7%
Vacation apartments0.7%0.9%
Rest houses-3.7%-1.4%
Source and photo:, Editor


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