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28th January 2023
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HomeProperty PricesContinued growth in Limassol apartment values

Continued growth in Limassol apartment values

During the third quarter of 2022, the sale values of properties across Cyprus rose 3.9% for apartments, 1.1% for houses, 0.6% for offices compared to the second quarter, according to the Ask WiRE Index for Q3 2022.

The sales values of holiday apartments and holiday houses rose by 1.9% and 0.6% respectively but, on the downside, the values of retail premises and warehouses fell by 0.3% and 1.5% respectively over the same period.

On an annual basis, prices for apartments rose 9.4%, houses by 1.4%, while the prices of holiday apartments rose by 3.9% and holiday houses by 0.4%. However, the prices of retail premises fell by 1.9% and warehouse fell by 5.6%.

Limassol stands out from the districts, as sale values of apartments continued to rise for the fourth consecutive quarter (4.8% in Q3 2022).

Rental values over the third quarter rose by 6.0% for apartments, 4.2% for houses, 0.9% for retail, 0.5% for warehouses, and 4.1% for offices, while the rental values for holiday apartments and holiday rose by 6.4% and 3.0% respectively.

On an annual basis, rental values increased by 16.2% for apartments, 12.2% for houses, 3.9% for offices, 14.5% for holiday apartments and 10.2% for holiday houses, but fell by 1.3% for retail and 1.6% for warehouses.

Paphos stands out from the districts, as rental values of apartments and holiday apartments rose significantly for another quarter (by 12.5% and 11.1%, respectively, in Q3).

Property Type Sale Value Rental Value
Apartments 3.9% 6.0%
Houses 1.1% 4.2%
Commercial -0.3% 0.9%
Warehouses -1.5% 0.5%
Office spaces 0.6% 4.1%
Holiday apartments 1.9% 6.4%
Holiday houses 0.6% 3.0%
Source: Ask WiRE – Quarterly percentage change in property values (Q2 2022 with Q3 2022)

 

Property Type Sale Value Rental Value
Apartments 9.4% 16.2%
Houses 1.4% 12.2%
Commercial -1.9% -1.3%
Warehouses -5.6% -1.6%
Office spaces -0.4% 3.9%
Holiday apartments 3.9% 14.5%
Holiday houses 0.4% 8.7%
Source: Ask WiRE – Annual percentage change in property values (Q3 2022 with Q3 2021)

Pavlos Loizou, CEO of Ask WiRE, commented “The influx in population due to in-migration over the first three quarters of 2022 and pend-up demand over the past couple of years continues to drive the residential market.

“However, we are seeing signs of pull-back in investor appetite due to the higher cost of credit and availability of other investment opportunities in bonds, stocks, etc.

“Inflation and the higher costs of credit continue to affect local households, whilst migrants, typically earning above average salaries, are driving the top-end of the market.

“We are increasingly seeing a two-tier market evolving, each having its own characteristics and drivers.

“We are still away from seeing a return to stability, as the landscape around the global economy and geopolitics keeps shifting.”

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