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

“According to the first quarter of 2024 data, the market has shown stabilisation for most of the property categories, apart from Apartments which continue their upward movement, with notable increases in Nicosia and Paphos.  Houses recorded increases in Nicosia but remained stable in other districts. Warehouses and Offices recorded marginal increases, with the best performers being Nicosia for Warehouses and Larnaca for Offices. Retail recorded zero increases, with a marginal drop in Larnaca, continuing the trend from the fourth quarter of 2023. Declines were recorded in Warehouse values in Limassol and Paphos, while Paphos recorded a decline in Retail, also.

Rental values showed increases, with residential sector properties (apartments, houses) taking the lead. All in all, the Index  shows signs of stabilisation in most categories with some positive performances also noted”.

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

“The Cypriot economy continues to be underpinned by the firm trend in domestic demand even if concerns persist about the scale of the current account deficit. This generally positive picture continues to underpin the real estate market as highlighted both in this report and the improvement in sentiment captured by respondents from Cyprus in the recently released Q1 RICS Global Commercial Property Monitor”.

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.