The Cyprus branch of the Royal Institution of Chartered Surveyors (RICS) published on Wednesday, May 17, its quarterly report on changes in the "Cyprus Property Price Index".
According to the department's latest data, prices of apartments (+9.53%), houses (+6.47%), offices (+3.54%) and warehouses (+4.97%) in the country increased year-on-year in the fourth quarter of 2023. The cost of stores increased by only 0.26%. In turn, compared to the previous quarter, the value of apartments (+1.47%) and houses (+1.43%) increased, while the value of offices (-0.98%), warehouses (-1.05%) and stores (-0.25%) decreased.
At the same time, real estate prices increased in all cities of Cyprus. The leader was Paphos. The least of all the cost of residential and commercial properties increased in Nicosia. Apartments increased in price the most in the fourth quarter of 2023 in Paphos, Limassol and Larnaca. The same trend was recorded with warehouse prices. At the same time, there was a significant drop in the price of stores in Larnaca.
As for apartments and vacation homes, in the last two years, according to RICS data, prices have been on a steady upward trend. Moreover, the value of holiday apartments is increasing faster. For example, in the fourth quarter of 2023, they rose in price by 7.77% and vacation homes by 6.63%. Looking by city, the highest increase for vacation homes was recorded in Larnaca, and vacation apartments - in Limassol and Paphos.
In turn, rental rates in the fourth quarter of 2023 increased for all categories of property in Cyprus.
The rents of houses and vacation apartments went up the most, while the rents of commercial premises and warehouses went up the least. Looking in more detail, annualized rental rates increased by 14.25% for apartments, 12.25% for houses, 3.15% for retail premises, 2.55% for warehouses, 5.44% for offices, 15.77% for holiday apartments and 7.66% for holiday cottages.
Compared to the third quarter of 2023, apartment prices are up 5.25%, houses are up 2.83%, retail space is up 5.67%, warehouses are up 4.34%, offices are up 5.41%, vacation apartments are up 5.41%, and vacation cottages are up 2.71%.