08.05.2023
Prices for the sale and rental of property in Cyprus have changed in the first quarter of 2023 after rising in previous quarters, however, in some categories of property, rentals seem to be generating significant profits.
One of these is holiday homes and holiday apartments, where sales prices rose by 3.1% and 8% respectively, but rents grew at a faster pace.
Prices at an all-time high
Ask real estate sales and rental value index Wire for the first quarter of 2023, rental prices increased compared to the corresponding quarter of 2022 by 14.5% for houses and by 19.1% for vacation apartments.
Rents for both apartments and holiday homes are noted to be at their highest levels since the first quarter of 2016 for which data are available, with growth rates reaching 72% (for holiday apartments) and 56% (for vacation homes).
Compared to the first quarter of 2021, rental prices for holiday apartments have increased by 21% and by 16% for holiday homes. Compared to the corresponding quarter of 2019 (pre-pandemic), rents increased by 21.2% for holiday apartments and 8.3% for holiday homes.
Rents in Limassol have doubled in 7 years
Rental prices for holiday apartments in Limassol reached the highest level in the first quarter of the year in Cyprus, increasing by 15% compared to the corresponding quarter of 2022, with rentals in holiday homes increasing by 11%. It is even underlined that rents for holiday apartments in Limassol have doubled compared to 2016, for which data is available.
However, the biggest year-on-year increase of 37.5% was recorded in holiday apartment rental prices in Paphos, while holiday home rentals rose by 26.6%.
In Free Famagusta, rents increased annually in the first quarter of 2023 by 13.6% for holiday apartments and 7.6% for holiday homes.
As for Larnaca , rental prices for holiday apartments recorded an annual increase of 11.1%, while for holiday homes the growth reached 12.5%.
