Property values in Cyprus jump in June

Across Cyprus, property values increased year-on-year in June by 12.2% for apartments, 4.6% for houses, 4.4% for offices, 1.2% for retail, 8.8% for holiday apartments and 3.7% for holiday homes, while those of warehouses decreased 1.5%, according to the Ask Wire Q2 2023 index.

Quarterly values increased by 2.7% for apartments, 2.0% for houses, 1.0% for retail, 2.0% for offices, and remained stable for warehouses.

As for holiday apartments and homes, values increased by 3.0% and 1.2%, respectively.

Regarding rental values, compared to Q2 2022, there has been an increase of 17.9% for apartments, 13.6% for houses, 6.8% for retail, 1% for warehouses, 10.8% for offices, 16.5% for holiday apartments and 13.9% for holiday homes.

Quarterly, rental values increased by 5.6% for apartments, 6.2% for houses, 3.3% for retail, 4.8% for offices, and 0.5% for warehouses.

Holiday apartment and house rental values increased by 3.3% and 3.2%, respectively. Pavlos Loizou, CEO of Ask Wire, said: “The rising trend in property values and rental rates since Q2 2022 isn’t slowing down, particularly due to the increase in prices of apartments and houses in Limassol, Paphos and Larnaca… We expect commercial property pricing to feel increased pressure as alternative investments provide attractive risk-adjusted returns.” [Financial Mirror]