Property Prices Increase Significantly In Q3 2017

Property Prices Increase Significantly In Q3 2017

Real Estate Friday, 23 February, 2018

An increase of 7.4% in apartment prices and 4.2% in house prices on an annual basis was recorded by RICS’ Cyprus Property Price Index.

Across Cyprus, on an annual basis (compared to Q3 2016), the price of flats increased by 7.4%, houses by 4.2%, offices by 8.8%, warehouses by 4.4% and retail by 4.5%.

The Property Price Index has recorded increases on an annual basis in all cities and asset classes, with significant increases being recorded in all Districts, with Paralimni, on the east, and Paphos, on the west, showing slightly smaller annual increases.

The highest increase was in the southern coastal town of Limassol with 13.2% and 14.3% respectively, for offices the highest increase was in Nicosia with 19.5%, for warehouses and retail the highest increase was in Nicosia with 7% respectively.

On a quarterly basis residential prices for both houses and flats increased on a quarterly basis by 1.7% and 0.5% respectively, with the biggest increase being in Limassol with quarterly increase of 4.1% for flats and 5.5% houses.

The value of holiday homes on a quarterly basis across Cyprus increased by 2.50% for flats and 1.80% for houses. Limassol showed the highest quarterly increases for holiday apartments with an increase of 4% and Paralimni for holiday homes with an increase of 2.9%.

Across Cyprus, on a quarterly basis rental values increased by 4.6% for apartments, 2.5% for houses, 1.5% for retail, 5.7% for offices and 0.9% for warehouses.

Compared to Q3 2016, rents increased annually by 12.5% for flats, 9.2% for houses, 6.1% for retail, 22.4% for offices and for warehouses 1.6%.

Source: Gold News