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1st December 2022
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HomeProperty NewsHow much have property prices changed?

How much have property prices changed?

How much have Cyprus property prices changed? SINCE its introduction in the fourth quarter of 2009 the RICS (Cyprus) Property Price Index has reported movements in property prices and rents on a quarterly basis using a methodology produced by Reading University in the UK.

The thirtieth edition of the Index, which was issued last month, reported that the average price of residential apartments and houses across the island rose by 1.3% and 2.3% respectively during the first quarter of 2017.

However, to put these figures in perspective, the following chart indicates how much property prices have changed since the first edition of the Index was published for the fourth quarter of 2009.

Location Type 2009 Q4
Price (€)
2017 Q1
Price (€)
Percentage
Change
Nicosia Apartments 171,155 109,900 -35.79%
Houses 523,438 381,986 -27.02%
Retail 1,079,167 520,678 -51.75%
Warehouse 2,280,000 1,155,976 -49.30%
Office 758,000 547,724 -27.74%
Limassol Apartments 177,978 113,229 -36.38%
Houses 496,250 324,032 -34.70%
Retail 709,722 464,700 -34.52%
Warehouse 2,700,000 1,705,199 -36.84%
Office 600,000 417,681 -30.39%
Larnaca Apartments 184,492 126,122 -31.64%
Houses 438,750 293,066 -33.20%
Retail 641,667 298,478 -53.48%
Warehouse 1,933,333 1,327,007 -31.36%
Office 480,000 315,187 -34.34%
Paphos Apartments 154,917 97,341 -37.17%
Houses 460,417 386,679 -16.02%
Retail 602,778 281,220 -53.35%
Warehouse 1,405,000 1,079,757 -23.15%
Office 523,333 330,663 -36.82%
Famagusta/Paralimni Apartments 153,790 83,626 -45.62%
Houses 412,500 320,916 -22.20%
Retail 408,333 215,987 -47.11%
Warehouse 1,200,000 827,862 -31.01%
Office 337,500 215,127 -36.26%
Cyprus (average) Apartments 168,466 106,044 -37.05%
Houses 466,271 341,336 -26.79%
Retail 688,333 356,213 -48.25%
Warehouse 1,903,667 1,219,160 -35.96%
Office 539,767 365,276 -32.33%

Prices of residential houses and apartments rose by 53.7% during the first quarter of 2006 and the third quarter of 2008, but then fell 9.4% by the end of the fourth quarter of 2010 as the property bubble burst.

Clearly, property prices still have a long way to go to recover lost ground.

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1 COMMENT

  1. In contrast the house I sold in 2002 just outside London to move to Cyprus was £330k. Zoopla tells me it’s now worth £695k double the price.

    The new villa I bought in Cyprus for C£200k is now worth less than half about €220k that is if I could sell it? In the UK I owned the house, here I spent over ten years trying to get the title deeds, not knowing if my dream would crash and burn.

    We live on an Island full of broken dreams and unfinished houses and yet we are still building because that’s all we know.

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