The highest quarterly increase was in Larnaca and Nicosia where apartment and house prices rose 2.7% and 1.4% respectively in October to December compared to the quarter before, RICS said in an emailed statement on Tuesday.

In the fourth quarter, house and apartment prices rose island-wide an annual 7.1% and 4.3% respectively in the fourth quarter, RICS said. The increase resulted mainly from an 11% increase in the price of flats and 13% in that of houses in Limassol which beat all other districts.

Prices for retail space rose 0.1% in last quarter of 2017 compared to the quarter before, 0.8% in the case of warehouses and 1.1% in the case of offices, the institute said. Compared to the respective quarter of 2016, prices for shops, warehouses and offices rose 3.1%, 4.5% and 8.3%.

Prices for retail properties rose the most in Limassol in October to December compared to July to September, while in the case of warehouses and offices the highest increases were in Nicosia with 3.7% and Paphos with 2% respectively.

In the fourth quarter of last year, prices for retail properties, warehouses and offices rose an annual 3.1%, 4.5% and 8.3% spearheaded by a respective 5.5% annual increase in the Famagusta area, 9.3% and 18% in Nicosia, RICS said.

Rents rose in the fourth quarter in the case of flats a quarterly 2.9% island-wide and an annual 14% while in the case of houses the increase was 1.9% and 8.2%, RICS said. Retail space prices rose a quarterly 0.6% and an annual 5.9%, for warehouses 0.2% and 1.8%, and offices 2.5% and 19% respectively.

Source: Cyprus Mail