Home Property Prices Cyprus property prices continue to fluctuate

Cyprus property prices continue to fluctuate

Cyprus property

According to Q2 data processed by WiRE, the effects of the coronavirus pandemic are still felt by the Cyprus Real Estate market, with sale prices recording a quarterly drop across all property types.

The same applies to rental prices, with a few exceptions.

The annual drop recorded in the sale and rental prices for commercial properties in the second quarter is most noticeable.

On an annual basis, there was a rise in the prices for most residential properties.

Quarterly, prices for apartments fell by 0.14%, houses by 0.36%, commercial properties by 0.85%, warehouses by 0.33%, office space by 0.62%, holiday apartments by 0.38% and holiday homes by 0.95%.

Limassol stands out from the districts, as apartment prices rose for the fourth quarter in a row (about 2.5% in Q2 2021), compensating for the significant drop recorded in Q1 and Q2 of 2020.

Annually, there was a significant drop in the prices of commercial properties and warehouses – 5.1% and 4%, respectively.

Compared to the previous quarter, rental prices across Cyprus for apartments recorded the smallest drop by 0.05%.

For houses, rental prices dropped by 1.6%, commercial properties by 2.10%, warehouses by 0.94%, office space by 0.41%, holiday apartments by 0.59% and holiday homes by 1.50%.

On an annual basis, Paphos had the most significant drop in rental prices across all property types.

The biggest drop was recorded for holiday homes and commercial properties, with 5.5% and 8% respectively.

Managing Director of WiRE FS, Pavlos Loizou, said: “The slow progress made in improving the country’s epidemiological profile has festered uncertainty.

“While we have observed an increase in the number of transactions compared to the first half of 2020, we are still miles away from seeing a return to stability, let alone observe an uptake in the market.”

WiRE FS publishes a quarterly index, which records sales and rental prices across all districts in Cyprus and for all types of properties.

Quarterly percentage change in property prices (Q2 2021 with Q1 2021)

Property Type Sale Prices Rental Prices
Apartments -0.14% 0.05%
Houses -0.36% -1.16%
Commercial -0.85% -2.10%
Warehouses -0.33% -0.94%
Office spaces -0.62% -0.41%
Holiday apartments -0.38% -0.59%
Holiday houses -0.95% -1.50%

Source: WiRE Price and Rental Index, WiRE FS

Annual percentage change in property prices (Q2 2021 with Q2 2020)

Property Type Sale Prices Rental Prices
Apartments 0.30% -0.50%
Houses 1.70% 0.80%
Commercial -5.10% -8.00%
Warehouses -4.00% 0.00%
Office spaces -0.80% -3.60%
Holiday apartments 0.80% 0.40%
Holiday houses -3.80% -5.50%

Source: WiRE Price and Rental Index, WiRE FS

Further reading

WiRE Index: Q2 2021

4 COMMENTS

  1. Many thanks Nigel for replying. Keep, keeping us informed. Your input and endeavours in this field is appreciated. Many thanks again George.

  2. Dear Editor,
    Can anybody out there tell me, and the rest of those interested in this on going merry go round called the Cyprus property market, what the price of a house is now and what is the difference with a house valued in 2010. Even people in the business find it hard to give an estimate.
    Hopefully some property guru out there has an idea.

    Many thanks and kind regards

    • Basically George, a property’s value is set by how much someone is willing to pay for it.

      If you have an excellent property in a superb location, it’s probably worth more now than it was in 2010. However, if you have a nondescript place in without excellent views, the chances are its value has yet to recover to its value in 2010.

      I wrote an article in May from the figures compiled by the EU – Cyprus house prices and rents fallen since 2010

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