23.05.2024
The latest quarterly publication of the RICS Cyprus Property Index in collaboration with KPMG Cyprus records a price index for property sales and rentals, tracking property and rental prices across all areas of Cyprus and major property types.
Speaking on behalf of KPMG Cyprus, Christophor Anagiotos , said: “According to data for the first quarter of 2024, the market has shown stabilization for most property categories, with the exception of apartments, sales of which continue to increase, especially in Nicosia and Paphos. Nicosia also recorded an increase in the number of houses sold, but in other areas this figure remained stable. The warehouses and offices sector recorded slight growth, with Nicosia (warehouses) and Larnaca (offices) performing best. In Limassol and Paphos, a decrease in the cost of warehouse space was recorded. The cost of renting real estate has increased again, especially for residential properties – apartments and houses.”
Speaking on behalf of RICS, Simon Rubinson , chief economist at RICS, commented: “The Cypriot economy continues to be supported by a strong domestic demand trend, even as concerns remain about the scale of the current account deficit. This generally positive picture continues to support the property market, as highlighted both in this report and in the improved sentiment recorded by Cypriot respondents in the recently released RICS Global report Commercial Property Monitor for the first quarter.”
Market value of real estate sales on an annualized basis
The first quarter of 2024 saw a significant increase in apartment prices and a slight increase in house prices. For offices and warehouses, there was also a slight increase in prices during this period.
| Apartments | +9.30% |
| At home | +5.49% |
| Retail premises | +0.08% |
| Warehouses | +3.75% |
| Offices | +2.54% |
Prices for apartments and vacation homes barely increased in the first quarter.
| Holiday apartments | +6.72% |
| Holiday homes | +5.47% |
Rental cost of real estate on an annual basis
Year-on-year, rental values showed growth across all asset categories, with apartments and houses seeing the highest growth.
| Apartments | +10.57% |
| At home | +9.55% |
| Retail premises | +0.98% |
| Warehouses | +1.82% |
| Offices | +5.53% |
| Holiday apartments | +7.44% |
| Holiday homes | +6.45% |
Rental yield
The greatest increase in rental yield was observed in offices and houses. Slight growth was recorded in the retail, apartment and resort real estate sectors.
| Apartments | 5.44% |
| At home | 2.97% |
| Retail | 5.83% |
| Stock | 4.22% |
| Office | 5.51% |
| Holiday apartments | 5.75% |
| Holiday homes | 2.74% |
