The Cyprus Real Estate Price Index for the third quarter of 2023, a collaborative effort between RICS and KPMG in Cyprus, has been released. Christoforos Anayiotos, Head of Real Estate at KPMG Cyprus, highlighted the continuous rise in the Cyprus property index during this period. The most significant growth was seen in Larnaca, with apartments leading as the top-performing asset class, closely followed by houses. Larnaca and Limassol experienced the highest growth in these categories. The warehouse and office sectors showed modest growth, with Larnaca being the top performer for office spaces and Limassol for warehouses. Retail trade remained stagnant, with a slight decrease noted in Famagusta and Limassol. Rental prices also increased, especially for vacation apartments and residential properties (apartments, houses), indicating robust demand in these sectors.
Simon Rubinson, Chief Economist at RICS, commented on the stable economic backdrop reflected in the Cyprus property price index’s steady trend. Residential real estate continues to outperform, with prospects of this trend continuing into the first half of 2024, as indicated by sentiments in the RICS Cyprus Commercial Property Journal. The macroeconomic environment remains positive, with a growing tenant demand for office spaces, particularly in the premium real estate segment.
These findings are available on the RICS website. https://www.rics.org/
