Home / Business / Local Business / Real estate getting more expensive in Cyprus

Real estate getting more expensive in Cyprus

Real estate prices have shown a 2.3% average increase during the first quarter of 2017 according to the Royal Institute of Charted Surveyors (RICS) Cyprus.

The results of the RICS Property Price Index was made public on Wednesday and includes, for the first time, touristic real-estate (holiday apartments/holiday houses) in an attempt bolster transparency in the real estate market.

The Property Price Index registers a significant increase in all the urban areas across all the categories of real estate during the first quarter and is drawn up in cooperation with the Cyprus Association of Quantity Surveyors and Construction Economists and the Cyprus Association of Valuers and Property Consultants.

Related stories

Larnaca, Nicosia and Limassol show the greatest move while Paphos and Paralimni have moved to the bottom of the scale.

Islandwide, houses and apartments have registered an average of 2.3% and 1.3% increase for the first quarter respectively with Larnaca registering the highest increase with a 4.6% increase in the price of apartments and a 2.6% increase in the price of houses.

Limassol registered the highest rise in holiday apartment prices with a 2.9% increase while the price of holiday homes in Paralimni increased by 2.1%.

Compared to the corresponding 2016 period, the price of apartments have increased by 4.9%, houses by 3.3%, offices by 2.8%, warehouses by 2.6% and retail properties by 4.4%.

Average rentals for apartments increased by 2.5% during the first quarter in 2017 as did rents for houses (2.6%), retail properties (1.6%) and 4.6% for offices while the rentals for warehouses remained the same.

Compared to the corresponding 2016 period, the price of apartments have increased by 5.5%, houses by 9.6%, offices by 3.1%, warehouses by 11% and retail properties by 6.3%.

Check Also

Unemployment rate drops to 10.6% in Q2

The number of people out of work in the second quarter of 2017 was 10.6% …

European Commission team looking at Larnaca Port concerns

The EP Committee on Petitions (PETI) is conducting a fact-finding mission in Larnaca between Wednesday …

One comment

  1. “Compared to the corresponding 2016 period, the price of apartments have increased by 4.9%, houses by 3.3%, offices by 2.8%, warehouses by 2.6% and retail properties by 4.4%.”

    “Compared to the corresponding 2016 period, the price of apartments have increased by 5.5%, houses by 9.6%, offices by 3.1%, warehouses by 11% and retail properties by 6.3%.”

    Really?