On Monday 3rd January the consultancy firm Ask WiRE published a report on the changes in property prices in Cyprus for the fourth quarter of 2008.
According to the agency, prices rose year-on-year for the sale of apartments (+1.3%) and holiday homes (+0.9%). All other categories recorded decreases. In particular, the value of warehouses fell by 2.3%, offices by 0.2%, shops by 1.7%, houses by 0.3% and holiday homes by 0.6%.
Compared to the third quarter of 2002, the value of dwellings rose by 0.6% and houses and offices by 0.2%. In contrast, the value of shops fell by 0.9%, warehouses by 0.5% and holiday homes by 0.2%. Prices for holiday homes remained stable.
On the other hand, in the fourth quarter of 2024, compared to the same period of 2023, the value of dwellings increased by 1.5% and that of holiday homes by 1.1%. Declines were recorded for warehouses (-2%), houses (-0.8%), shops (-2%) and offices (-0.6%). Only prices for holiday dwellings remained unchanged on a yearly basis. On a quarterly basis, rents for holiday homes rose by 1.1% and for flats by 0.2%, while rents for houses, warehouses and offices remained stable.
The situation in the Cypriot property market is gradually stabilising. At the same time, demand for housing remains high. New supply is easing the pressure on buyers and tenants. Prices for buying and renting property are slowly but steadily declining after the rapid growth of recent years. While challenges such as high mortgage rates and increased construction costs remain, they are dampening demand selectively rather than across the board," said Pavlos Loizou, CEO of Ask Wire.
As a reminder, 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.