On behalf of KPMG in Cyprus, Christophoros Anayiotos, Head of Real Estate Industry Group, stated:

“The upward trend in Cyprus Property Index continued during the fourth quarter of 2023, with Paphos taking the lead in recording overall increases. The best performing asset class is again Apartments, followed by Houses, with the highest increases being recorded in Paphos, Larnaca and Limassol. Warehouses and Offices recorded marginal increases, with the best performers being Paphos for both categories. Retail recorded zero increases, with a large drop in Larnaca. Rental values showed increases, with holiday apartments and residential sector properties (apartments, houses) taking the lead. All in all, the Index shows positive returns for the residential and holiday properties, supported by a resilient demand during 2023”.

On behalf of RICS, Simon Rubinsohn, RICS Chief Economist, commented:

“Real estate continues to perform relatively strongly, particularly the residential sector, despite the higher cost of borrowing. Although some cooling in economic growth is likely this year, surveys suggest businesses in general remain upbeat although there is inevitably a sector skew. The positive trend in holiday homes and apartments captured in the Cyprus Property Index is, meanwhile, likely to be sustained by solid growth in tourism; this is also visible in the RICS Commercial Monitor where expectations for hotel performance over the next twelve months remain solid.”

The publications can be found on the RICS website.

About KPMG in Cyprus:

KPMG has been operating in Cyprus since 1948 and currently employs more than 800 professionals working from 6 offices across the island. It is a member of KPMG International Limited, a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG operates in 143 countries and territories and has approximately 273,000 people working in member firms around the world. Clients look to KPMG for a consistent standard of service based on high-order professional capabilities, industry insight, local knowledge and expertise

About RICS:

We are RICS. Everything we do is designed to effect positive change in the built and natural environments. Through our respected global standards, leading professional progression and our trusted data and insight, we promote and enforce the highest professional standards in the development and management of land, real estate, construction and infrastructure. Our work with others provides a foundation for confident markets, pioneers, better places to live and work and is a force for positive social impact.