The 55th quarterly publication of the RICS Cyprus Property Index with KPMG in Cyprus records the property price and rental index, tracking property and rental prices across all Cyprus districts and main property types.
Market values year-on-year
During the second quarter of 2023, a further increase was recorded in the prices of residential properties (with apartments leading ahead of houses) offices and warehouses, while the prices of retail premises continued to stagnate.
- Apartments up 12.11%
- Houses up 9.03%
- Retail premises up 1.57%
- Warehouses up 6.95%
- Offices up 8.46%
Holiday home prices
The price index of holiday apartments and holiday houses increased over the year with holiday apartments leading the way:
- Holiday apartments up 9.00%
- Holiday houses up 8.53%
Rental values year-on-year
Rental values increased over the year, with holiday apartments leading the way, followed by residential apartments, houses and holiday houses. The rental values for offices, warehouses and retail premises also rose:
- Apartments up 18.99%
- Houses up 14.46%
- Retail premises up 2.90%
- Warehouses up 3.07%
- Offices up 8.30%
- Holiday apartments up 20.01%
- Holiday houses up 11.24%
Rental yields
In the second quarter of 2023, rental yields stood at:
- Apartments 5.44%
- Houses 2.93%
- Retail 5.81%
- Warehouse 4.27%
- Office 5.39%
- Holiday Apartments 5.73%
- Holiday Houses 2.77%
Notional buildings
The RICS Cyprus Property Price Index with KPMG in Cyprus monitors hypothetical or notional buildings, each having specific characteristics. The methodology underpinning Index was developed by the University of Reading.
The price per sqm is based on the Gross External Area of the property (as defined in the RICS’ Code of Measurement Practice 8th Edition), which includes the living area and covered verandas but excludes common areas.
The estimation of price levels is carried out by accredited RICS property professionals who are active in the relevant markets.
