According to the latest data from consulting company Ask WiRE, prices for buying and renting real estate in Cyprus continue to rise.
In the first quarter of 2023, compared to the fourth quarter of 2022, prices for apartments in Cyprus increased by 2.6% and for houses by 1.5%. Rental prices for apartments also increased by 2.6%, and for houses by 1.5%.
According to Ask WiRE, owners of vacation homes and apartments are currently making the highest profit. Prices for the sale of such properties in the first quarter of 2023 increased by 3.1% and 8%, respectively. Meanwhile, compared to the corresponding quarter of 2022, rental rates increased even more: by 14.5% for vacation homes and 19.1% for vacation apartments.
According to the company, rental rates for vacation apartments and houses are currently at their highest level since the first quarter of 2016, for which data is available. The growth rates reach 72% for vacation apartments and 56% for vacation homes.
Compared to the first quarter of 2021, rental prices for vacation apartments increased by 21% and for vacation homes by 16%. Compared to the corresponding quarter of 2019 (before the pandemic), rental rates increased by 21.2% for vacation apartments and 8.3% for vacation homes.
Looking at the cities of Cyprus, apartments and vacation homes in Limassol are the most expensive to rent.
Rental rates here increased by 15% and 11.1%, respectively, over the year. Moreover, compared to 2016, when data began to be recorded, rental rates for vacation apartments in Limassol doubled.
However, the largest annual increase of 37.5% was recorded in rental prices for vacation apartments in Paphos, while rental rates for vacation homes in this city increased by 26.6%. In the controlled areas of Famagusta, rental rates for vacation apartments increased by 13.6%, and for vacation homes by 7.6% in the first quarter of 2023. As for Larnaca, rental prices for vacation apartments here increased by 11.1% over the year, and for vacation homes by 12.5%.
Interested in property on the island? Check out the #1 real estate agency in Cyprus, DOM! The agency's website features the largest database of real estate in the country - more than 30,000 residential and commercial properties throughout the island. Choose and contact professional brokers who will help you make the right choice!