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Economy

Rise in rents outpaces increase in salaries

April 26, 2019 at 4:02pm
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Rent are up, but salaries have not kept pace according to a new study by KPMG Cyprus.

It shows that rents at the end of 2018 were up an annual 16.7% while salaries rose by only 2.7%.

As regards the fourth quarter of 2018, house prices rose by 2.4% and apartment prices by 4.5% on an annual basis. Offices and warehouses recorded a 5.1% and 4.2% price increase respectively.

As regards rents for houses, Larnaca district recorded a 67% jump, followed by Nicosia district with 17% and the free Famagusta area with 14%.

Apartment rents in the fourth quarter of 2018 were up an annual 19% in Larnaca and Limassol, 15% in Nicosia, 8% in the free Famagusta area and 6% in Paphos.

Commercial properties and warehouses recorded a smaller rise.

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