Property Price Index second quarter 2022

In its overview of real estate activity in Cyprus during the second quarter of 2022 RICS Cyprus with KPMG in their Cyprus Property Index reports relative increases in most property values, however they still remain below the base, which was set in the fourth quarter of 2009.

Residential properties are performing well with the prices of apartments and houses on an upward trend. However, retailing and warehousing continue to struggle although prices for both have stabilised.

Market values year-on-year

An island-wide increase was observed in the value of all property types:

• Apartments up 8.09%
• Houses up 4.62%
• Retail premises up 1.39%
• Warehouses up 1.91%
• Offices up 3.42%

Holiday property

The value of holiday homes (apartments and houses) has been increasing since the first quarter of 2016. Although their value fell at the beginning of 2020 until mid-2021, they are continuing to gain ground.

Year-on-year, the value of holiday apartments has risen by 4.01% and holiday houses by 4.07%. Holiday homes in Famagusta performed best with apartments up 6.72% and houses up 6.12%.

Remember, if you’re looking to rent your property as short-term, self-catering holiday accommodation you must obtain a license.

Rental values year-on-year

An island-wide increase was observed in the rental value of all types:

• Apartments up 9.5%
• Houses up 11.48%
• Retail premises up 2.14%
• Warehouses up 2.02%
• Offices up 3.42%
• Holiday apartments up 8.33%
• Holiday houses up 5.03%

Property yields

In the second quarter of 2022, rental yields stood at:

• Apartments 4.99%
• Houses 2.75%
• Retail premises 5.74%
• Warehouses 4.43%
• Offices 5.29%
• Holiday apartments 5.06%
• Holiday houses 2.66%

Author: Christos Nikolaou

BEng Mechanical Engineering, MSc Real Estate, ETEK Property Valuer, Register and Licensed Real Estate Agent.

Christos Nikolaou is the founder and Managing Director of Property Canvas, he holds a license as an Estate Agent from the Association of Real Estate Agents of Cyprus and he is a registered Property Valuer in the Technical and Scientific Chamber of Cyprus (ETEK). He is the author of our “Property Price Index second quarter 2022” and is a certified advance negotiator.