articles | 29 May 2018

Property prices rise in Q4 2017 in all categories

Residential property prices rose in the fourth quarter of 2017 a quarterly 0.8% for houses and 1.4% for flats, the Cyprus branch of the Royal Institute of Chartered Surveyors (RICS) said.

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

Cooperation Partners
  • Logo for CYFA Cyprus
  • Logo for Love Cyprus Deputy Ministry of Tourism
  • Logo for Cyprus Shipping Chamber
  • Logo for Association of Cyprus Banks
  • Logo for Invest Cyprus
  • Logo for Cyprus Investment Funds Association
  • Logo for Ministry of Energy, Commerce, Industry and Tourism
  • Logo for Cyprus International Businesses Association
  • Logo for Cyprus Chamber of Commerce and Industry