Property prices across Cyprus year-on-year rose by 9.9% for apartments, 1.0% for houses and 0.3% for offices, according to the Q4 2022 Ask WiRE property index.
Prices also rose by 4.7% for holiday apartments and 0.9% for holiday houses over the year, while retail and warehouse prices fell by 1.4% and 3.7% respectively.
Nicosia stood out from the other districts, as sale prices of apartments continued to rise throughout the year (2.5% in Q4 2022).
On a quarterly basis, sale values increased by 1.6% for apartments, 0.1% for houses, 0.4% for offices and remained stable for retail and warehouses. Sale values for holiday apartments and holiday houses rose by 1.9% and 0.4% respectively.
Rental prices
Compared to Q4 2021 there was an 18.2% rise in rental values for apartments, an 11.6% rise for houses, a 0.9% rise for retail, a 6.3% rise for offices, a 16.9% rise for holiday apartments and a 12.8% rise for holiday houses. However, the rental value of warehouses fell by 0.4%.
Paphos stood out from the other districts with rental values of holiday apartments and holiday houses increasing significantly for another quarter (by 5.0% and 11.8% respectively in Q4 2022).
On a quarterly basis rental values increased by 2.7% for apartments, 1.1% for houses, 1.7% for retail, 0.8% for offices, and remained stable for warehouses. As for holiday apartments and holiday houses rental values increased by 3.6% and 5.9%, respectively.
CEO of Ask WiRE Pavlos Loizou said that “the influx in population due to in-migration throughout 2022 and pend-up demand over the past couple of years continues to drive the residential market.
“With inflation eroding disposable incomes and interest rates rising, we have seen a slowing down of demand in the second half of the year and prices stabilizing in Nicosia and Limassol.
“We expect pricing of commercial properties to come under pressure, as alternative investment classes offer appealing returns on a risk adjusted basis.
“Looking ahead to 2023, we expect residential property prices to remain broadly stable, albeit with slowing demand and less transaction volume, whilst commercial real estate will face various challenges, with investor demand remaining relatively thin.”
For a breakdown of movements in sale and rental values by district, visit Ask WiRE Data Analytics.
| Property Type | Sale Value | Rental Value |
| Apartments | 1.9% | 2.7% |
| Houses | 0.1% | 1.1% |
| Commercial | 0.0% | 1.7% |
| Warehouses | 0.0% | 0.0% |
| Office spaces | 0.4% | 0.8% |
| Holiday apartments | 1.9% | 3.6% |
| Holiday houses | 0.3% | 5.9% |
| Source: Ask WiRE – Quarterly percentage change in property values (Q3 2022 with Q4 2022) | ||
| Property Type | Sale Value | Rental Value |
| Apartments | 9.9% | 18.2% |
| Houses | 1.0% | 11.6% |
| Commercial | -1.4% | 0.9% |
| Warehouses | -3.7% | -0.4% |
| Office spaces | 0.3% | 6.3% |
| Holiday apartments | 4.7% | 16.9% |
| Holiday houses | 0.9% | 12.8% |
| Source: Ask WiRE – Annual percentage change in property values (Q4 2021 with Q4 2022) | ||
Thank you for the article. Where I can find the real prices(average/median price of an apartment; average price per sq meters per city…not only the change of prices by percentage?
I want to know how much is the average price per square meter by the city.
Regards,
For Limassol – https://www.philenews.com/oikonomia/kypros/article/1646061/poso-poloyntai-ta-diamerismata-stis-perioches-tis-lemesoy
Paralimni and Ayia Napa – https://www.philenews.com/oikonomia/kypros/article/1656697/poso-pane-ta-diamerismata-se-paralimni-kai-aga-napa
Larnaca – https://www.philenews.com/oikonomia/kypros/article/1640855/poso-poloyntai-ta-diamerismata-stin-eparchia-larnakas
Nicosia – https://www.philenews.com/oikonomia/kypros/article/1630792/oi-times-polisis-diamerismaton-stoys-dimoys-tis-lefkosias
Thank you @Nigel.
Do you have the prices for Paphos ?
No, I don’t. But if you visit Landbank Analytics, you may be able to find prices in Paphos.