On Friday 19th July, the consultancy firm Ask WiRE released a report on the changes in property prices in Cyprus for the second quarter of 2024.
According to the agency, prices for the sale of apartments (+3.5%), offices (+1%) and holiday homes (+0.6%) increased compared to the same period last year. The value of houses and warehouses in the island nation remained stable. At the same time, commercial property prices fell by 0.6% and holiday homes by 0.2%. Compared with the first quarter of 2002, the value of all categories of property in Cyprus remained stable, with the exception of dwellings, which fell by 0.1%.
In contrast, in the second quarter of 2024, rental values increased by 5% for apartments, 0.1% for houses, 0.8% for shops, 3.2% for offices, 2.5% for holiday homes and 0.3% for holiday homes. Compared to the previous quarter, prices rose by 1.5% for apartments and by 0.2% for warehouses. Rents for other property categories remained stable.
Ask Wire CEO Pavlos Loizou noted that demand for property in Cyprus is being influenced by geopolitical turmoil in the region, inflation and rising mortgage rates.
Recall that WiRE FS publishes a quarterly index that tracks sales and rental prices in all areas of Cyprus and for all property types.
The index takes into account fluctuations in value since the fourth quarter of 2009. The company's analysts have been recording changes in sales and rental prices every three months for the past 12 years in 54 districts of Cyprus and for all types of property: apartments, private houses, retail space, offices, summer homes and summer cottages.