Business

RICS: Property prices rise

Property prices in Cyprus rose in the fourth quarter of 2017, according to RICS’ latest Cyprus Property Price Index.

Across Cyprus, residential prices for both houses and flats increased on a quarterly basis by 0.8% and 1.4% respectively, with the biggest increase recorded in Larnaca with a quarterly increase of 2.7% for flats followed by Limassol with a quarterly increase of 1.5% for houses.

Values for holiday homes on a quarterly basis across Cyprus increased by 0.4% for flats and 0.3% for houses. Paphos showed the highest quarterly increases for holiday apartments with an increase of 1.33% and Paralimni for holiday homes with an increase of 0.9%.

Across Cyprus, on an annual basis (compared to Q4 2016), prices for flats rose by 7.1%, for houses by 4.3%, for offices by 8.3%, warehouses by 4.4% and retail by 3.1%. Across Cyprus, on an annual basis for flats and houses the highest increase was in Limassol with 11.1% and 12.6% respectively, for offices Nicosia with 17.7%, for warehouses and retail the highest increase was in Nicosia with 9.3% and 4.2% respectively.

Across Cyprus, on a quarterly basis rental values increased by 2.9% for apartments, 1.9% for houses, 0.6% for retail, 2.5% for offices and 0.2% for warehouses. Compared to Q4 2016, rents increased annually by 13.7% for flats, 8.2% for houses, 5.9% for retail, 19.2% for offices and for warehouses 1.8%.

The RICS Cyprus Property Price Index monitors the urban centres of Nicosia, Limassol, Larnaca, Paphos and Paralimni- Famagusta. The Index only tracks prices in the area controlled by the Republic of Cyprus.

 

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