RICS: Property prices increase in Q4 2017

Property prices in Cyprus increased in the fourth quarter of 2017, as recorded by the the thirty-third publication of RICS’ Cyprus Property Price Index, released Tuesday.

According to a press release, across Cyprus, residential prices for both houses and flats increased on a quarterly basis by 0.8% and 1.4% respectively, with the biggest increase recorded in Larnaca with quarterly increase of 2.7% for flats followed by Limassol with a quarterly increase of 1.5% for houses.

Values for holiday homes on a quarterly basis across Cyprus increased by 0.4% for flats and 0.3% for houses. Paphos showed the highest quarterly increases for holiday apartments with an increase of 1.33% and Paralimni for holiday homes with an increase of 0.9%.

Across Cyprus, on an annual basis (compared to Q4 2016), prices for flats increased by 7.1%, for houses by 4.3%, for offices by 8.3%, warehouses by 4.4% and retail by 3.1%. Across Cyprus, on an annual basis for flats and houses the highest increase was in Limassol with 11.1% and 12.6% respectively, for offices Nicosia with 17.7%, for warehouses and retail the highest increase was in Nicosia with 9.3% and 4.2% respectively.

Across Cyprus, on a quarterly basis rental values increased by 2.9% for apartments, 1.9% for houses, 0.6% for retail, 2.5% for offices and 0.2% for warehouses. Compared to Q4 2016, rents increased annually by 13.7% for flats, 8.2% for houses, 5.9% for retail, 19.2% for offices and for warehouses 1.8%.

The RICS Cyprus Property Price Index monitors the urban centres of Nicosia, Limassol, Larnaca, Paphos and Paralimni- Famagusta. The Index only tracks prices in the area controlled by the Republic of Cyprus’ government and not in the occupied by Turkey northern part of the island.