Ask Wire has published the Q2 2024 edition of the its Wire Index for property sale prices and rental values. (The Ask Wire Index covers all districts and main property types, with values from Q4 2009.)
Property prices
On an annual basis, values increased by 3.5% for apartments, 1.0% for offices, and 0.6% for holiday apartments.
Prices for houses and warehouses remained stable, while the values of holiday houses and commercial properties fell by 0.2% and 0.6% respectively.
Although property values remained stable a quarterly basis across all districts, there was a small fall of 0.1% in the value of houses.
Rental values
On an annual basis, rental values increased by 5.0% for apartments, 0.1% for houses, 0.8% for retail, 3.2% for offices, 2.5% for holiday apartments and 0.3% for holiday houses, and a fall of 1.3% in warehouse rents.
On a quarterly basis, rental values increased by 1.5% for apartments and decreased slightly by 0.2% for warehouses, and remained stable for the rest of the properties.
Pavlos Loizou, CEO of Ask Wire, commented that “persistent geopolitical risks and ongoing conflicts destabilize the construction supply chain, raising construction costs. Sustained high interest rates further impact the affordability and demand for residential properties, especially in the middle to lower market segments.
“These factors, coupled with regional unrest, continue to influence overseas real estate demand, accelerating price impacts.
“High mortgage rates are likely to persist, reducing the buying power of locals and stabilizing market prices as demand adjusts.
“Moving into the third quarter of 2024 and beyond, we anticipate a slowdown in property prices for opportunistic investments. The convergence of high interest rates, elevated construction costs, and regional unrest is expected to significantly affect market stability and shape long-term investment decisions.”
For a breakdown of movements in sale and rental values by district, visit https://ask-wire.com/insights/.
| Property Type | Prices | Rents |
| Apartments | 0.0% | 1.5% |
| Houses | -0.1% | 0.0% |
| Commercial | 0.0% | 0.0% |
| Warehouses | 0.0% | -0.2% |
| Office spaces | 0.0% | 0.0% |
| Holiday apartments | 0.0% | 0.0% |
| Holiday houses | 0.0% | 0.0% |
| Source: Ask WiRE – Across Cyprus: Quarterly percentage change in property values (Q1 2024 with Q2 2024) | ||
| Property Type | Prices | Rents |
| Apartments | 3.5% | 5.0% |
| Houses | 0.0% | 0.1% |
| Commercial | -0.6% | 0.8% |
| Warehouses | 0.0% | -1.3% |
| Office spaces | 1.0% | 3.2% |
| Holiday apartments | 0.6% | 2.5% |
| Holiday houses | -0.2% | 0.3% |
| Source: Ask WiRE – Across Cyprus: Annual percentage change in property values (Q2 2023 with Q2 2024) | ||
Further Reading
Ask Wire Index: Q2 2024 press release.
Minus the 3% rate of inflation = close to stagnant