Cyprus house prices grow

Apartments in Cyprus continued to drive the rising real estate prices in the fourth quarter of 2022, data published by the Ask WiRE Index show. According to the index, prices increased across Cyprus on an annual basis by 9.9% for apartments, 1.0% for houses, 0.3% for offices, 4.7% for holiday apartments and 0.9% for holiday houses. In contrast, prices declined by 1.4% for retail spaces and 3.7% for warehouses.

Nicosia stands out from other districts, as the sale prices of apartments continued to rise throughout the year (2.5% in Q4 2022).

Overall, on a quarterly basis, sale values increased by 1.6% for apartments, 0.1% for houses, and 0.4% for offices, and remained stable for retail spaces and warehouses. As for holiday apartments and holiday houses, sale values increased by 1.9% and 0.4%, respectively. With regard to rental values, compared to Q4 2021 there has been an 18.2% increase for apartments, 11.6% for houses, 0.9% for retail, 6.3% for offices, 16.9% for holiday apartments and 12.8% for holiday houses, while rents of warehouses decreased by 0.4%.

Paphos stands out from the districts, as rental values of holiday apartments and holiday houses saw a significant increase for another quarter (increased by 5% and 11.8% respectively in Q4 2022).

Pavlos Loizou, CEO of Ask WiRE, commented that “the influx in population due to in-migration throughout 2022 and pent-up demand over the past couple of years continues to drive the residential market.”