Limassol had the highest percentage price increases year-on year for both apartments and houses at the end of the first quarter of 2024, according to a report issued by Cypriot fintech Ask Wire.
Ask Wire reported that across Cyprus, on an annual basis, prices increased by 6.3% for apartments, 2.1% for houses, 3.0% for offices, 0.4% for retail, 3.6% for holiday apartments, 1.0% for holiday houses, and stable for warehouses.
Overall, on a quarterly basis values increased by 0.8% for apartments, by 0.4% for houses, by 0.2% for offices and 0.5% for holiday apartments. Prices of retail, warehouses and holiday houses remained stable.
In terms of prices, Limassol has the highest percentage increase for both apartments and houses.
In terms of rental values, compared to Q1 2023 there was an increase of 9.3% for apartments, 6.4% for houses, 4.2% for retail, 8.2% for offices, 5.9% for holiday apartments and 3.4% for holiday houses. There was a slight decrease of 0.6% for warehouses’ rents. On a quarterly basis rental values increased by 0.9% for apartments and remained stable for the rest of the properties.
Pavlos Loizou, CEO of Ask Wire, commented that “geopolitical tensions and unrest in the region continue to influence overseas real estate demand, accelerating the pace at which prices are affected. Additionally, high mortgage rates are likely to persist, diminishing local’s buying power and stabilizing market prices as demand adjusts.
“Moving into the second quarter of 2024 and beyond, we expect property prices for opportunistic investments to decelerate. This combination of high interest rates, increasing construction costs, and regional unrest could significantly impact the market’s stability and influence investment decisions in the long run.”
For a breakdown of movements in sale and rental values by district, click here.
| Property Type | Prices | Rents |
| Apartments | 0.8% | 0.9% |
| Houses | 0.4% | 0.0% |
| Commercial | 0.0% | 0.0% |
| Warehouses | 0.0% | 0.0% |
| Office spaces | 0.2% | 0.0% |
| Holiday apartments | 0.5% | 0.0% |
| Holiday houses | 0.0% | 0.0% |
| Source: Ask WiRE – Across Cyprus: Quarterly percentage change in property values (Q4 2023 with Q1 2024) | ||
| Property Type | Prices | Rents |
| Apartments | 6.3% | 9.3% |
| Houses | 2.1% | 6.4% |
| Commercial | 0.4% | 4.2% |
| Warehouses | 0.0% | -0.6% |
| Office spaces | 3.0% | 8.2% |
| Holiday apartments | 3.6% | 5.9% |
| Holiday houses | 1.0% | 3.4% |
| Source: Ask WiRE – Across Cyprus: Annual percentage change in property values (Q1 2023 with Q1 2024) | ||
Further Reading
Press release Ask Wire Index Q1 2024
