The Cyprus branch of the Royal Institution of Chartered Surveyors (RICS) published on Monday, December 6, its quarterly report on changes in the "Cyprus Real Estate Price Index".
According to recent data, in the third quarter of 2021, apartment prices in the country increased by 1.3%, and houses - by 0.7%. Apartments trembled the most in the free areas of Famagusta (+2.08%) and Paphos (+1.73%).
The cost of holiday accommodation in Cyprus for the quarter increased by 2% for apartments and by 0.6% for houses. Larnaca showed the highest quarterly increase in holiday apartments (+2.2%), while Limassol, on the contrary, decreased (-1.5%).
On an annual basis (compared to the 3rd quarter of 2020), prices for apartments in Cyprus increased by 2.3%, for houses – by 1.9%, commercial premises – by 0.5%, warehouses - by 1.1%. On the other hand, the cost of offices fell by 0.8%.
The most significant drop in prices for holiday accommodation was recorded in Limassol, and for warehouses – in Larnaca. At the same time, a slight drop was observed in the prices of commercial buildings and warehouses in Paphos.
The quarterly cost of renting apartments in Cyprus increased by 1.1%, and houses - by 0.4%. A slight increase in prices was recorded in commercial real estate (0.2%), offices (0.1%) and warehouses (0.2%).
On an annualized basis, the rent of apartments increased by 5.1%, houses – by 4.1%, and warehouses - by 1.4%. On the other hand, rents in commercial buildings decreased by 1% over the year, and in offices - by 0.6%.
Finally, in the third quarter of 2021, the average gross yield was 4.9% for apartments, 2.6% for houses, 5.7% for commercial real estate, 4.4% for warehouses and 5.2% for offices.
The Cyprus Housing Price Index is a quarterly index that measures the change in average prices for residential real estate.
It covers all types of residential properties, both new and secondary. The source of the data used to set the indices is the Department of Lands and Surveys of the Ministry of the Interior. The data covers all areas that are under the control of the Government of the Republic of Cyprus.
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