The increase in the sale and rental prices of apartments in the first quarter of 2024 was around 10%, compared to the corresponding period last year.
The increase of around 10% is found both in the sale value of the apartments and in the rents and results, together with other data, from the results of the “RICS Cyprus Property Price Index with KPMG in Cyprus”, for the first quarter of 2024 In more detail, according to the RICS index, prepared in collaboration with KPMG Cyprus, the value of apartments increased by 9.30% in the first quarter of 2024, compared to corresponding quarter of 2023. House values increased by 5.49%, commercial properties by 0.08%, warehouses by 3.75% and offices by 2.54%.
< strong>Regarding rents, an increase of 10.57% was recorded in the first quarter of 2024 compared to the corresponding quarter of 2023. The increase for house rents amounted to 9.55%, commercial properties 0.98% , warehouses 1.82%, offices 5.53%, holiday apartments 7.44% and holiday homes 6.45%.
When it comes to the quarter-to-quarter comparison, it is reported that residential properties recorded the biggest gains. Regarding the comparison by province, it is noted that Nicosia recorded an increase in three categories, while Limassol showed stabilization in all categories, except for warehouses. The latter category also registered a decrease in Paphos, but a noticeable increase in Nicosia and Larnaca. Commercial real estate seems to be the least preferred investment.
On behalf of KPMG Cyprus, Christophoros Anagiotos, Managing Director and Head of Real Estate and Land Development, said: “According to the figures for the first quarter of 2024, the market shows stabilization for most property categories, except for apartment values, which continue their upward movement, with increases in Nicosia and Paphos.
House values recorded increases in Nicosia but remained stable in other areas. Values in warehouses and offices registered marginal increases, with the best performances in Nicosia for warehouses and in Larnaca for offices.
Values in stores registered zero increase, with a marginal drop in Larnaca, continuing the trend from the fourth quarter of 2023. A fall was recorded in warehouse values in Limassol and Paphos, while Paphos also recorded a fall in store values. Rents showed increases, with residential properties (apartments, houses) leading the way. Overall, the Index shows signs of stabilization in most property categories, and at the same time positive performance”.
On behalf of RICS, Simon Rubinsohn,RICS Chief Economist, commented: “The Cypriot economy continues to underpinned by the steady trend in domestic demand, even if concerns remain about the scale of the current account deficit. This generally positive picture continues to support the property market, as highlighted both in this report and in the improving sentiment captured by the recently published RICS Global Commercial Property Monitor survey for the first quarter of 2024.” filenews
