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25th February 2024
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HomePricesCyprus houses & apartments year-on-year price rises

Cyprus houses & apartments year-on-year price rises

On Thursday, the Cypriot real estate analytics firm Ask Wire published the Q4 2023 edition of its Ask Wire Index for property sale and rental values. The Index covers all districts and main property types (houses, apartments, commercial) with values from Q4 2009

Key findings houses & apartments

  • Rental values remained stable over the quarter, with house and apartment rents up 8.0% and 11.1% respectively over the year.
  • Slight decrease in sales values for houses over the quarter, with house and apartment values up 3.0% and 8.8% respectively over the year.
  • While the market is currently broadly stable, demand for residential properties is expected to weaken further during Q1 2024.

Prices

On an annual basis, prices increased by 8.8% for apartments, 3.0% for houses, 4.2% for offices, 0.8% for retail, 4.9% for holiday apartments, 4.8% for holiday houses, and stable for warehouses.

On a quarterly basis values increased by 0.5% for apartments and the sale value remained stable for warehouses. Most of the property types decreased for houses 0.3%, for commercial 0.6%, office spaces 0.5%, holiday apartment decreased by 0.8% and 0.2% for holiday houses.

Rental values

On an annual basis, compared to Q4 2022 there has been an increase of 11.1% for apartments, 8.0% for houses, 4.9% for retail, 9.0% for offices, 8.4% for holiday apartments and 4.8% for holiday houses. Although there was observed a decrease of 0.6% for warehouses.

On a quarterly basis rental values increased by 0.7% for apartments and remained stable for the rest