Apartment prices rose 3.7% year-on-year and 1.7 on a quarterly basis, RICS said in a statement obtained by the Cyprus Business Mail.

House prices increased 0.7% in the last quarter of 2016, compared to the previous quarter, and 3.4% compared to the respective period of 2015.

Prices for retail properties rose 1.5% in October to December, compared to the third quarter, and an annual 2.1%, the institute said.

Warehouse prices rose 0.7% on a quarterly basis and 1.9% annually, while office space recorded a rise of 1.6 and 4.7 respectively.

In the last quarter of 2016, buyers had to pay 2.3% more to buy holiday apartments and 2.1% more to acquire a holiday home, compared to the previous quarter.

Prices for holiday homes, a category introduced in the first quarter of 2016, have since gone up 7% in the case of apartments and 4% in the case of houses.

The highest quarterly apartment price increase was in Larnaca in Q4, where buyers had to pay 3.3% more. Limassol led when it came to house prices with 1.8%, RICS said.

The highest annual increase in apartment prices was again in Larnaca with 7.6%, and in the case of houses in Paphos, with 8.7%. The highest quarterly increase in office prices was in Nicosia, with 2.9%, while Limassol registered the highest annual increase of 11%.

The increase in property prices resulted in rising rents. Apartment rents rose a quarterly 1.8% in the fourth quarter of 2016, and an annual 6.6%. House rents rose 2.9% and 8.7% respectively, the institute said. Office and shop rents rose a quarterly 4.3% and 0.8%, and an annual 7.9% and 4.9% respectively. Warehouse rents remained stable compared to the previous quarter, rising 3.5% compared to the fourth quarter of 2015.

Source: Cyprus Mail