Ask Wire, the tech-informed real estate company, has published its Q2 2023 edition of the Ask Wire Index for property sale and rental values. (The Ask Wire Index covers all districts and main property types, with values from Q4 2009.)
Ask Wire reports that while the property market is currently broadly stable, demand for residential properties is expected to decrease in the fourth quarter of 2023.
Property values
On an annual basis, values increased by 12.2% for apartments, 4.6% for houses, 4.4% for offices, 1.2% for retail, 8.8% for holiday apartments, 3.7% for holiday houses. However, values for warehouses decreased by 1.5%.
On a quarterly basis values increased by 2.2% for apartments and 1.3% for offices. Sale values remained stable for houses, retail, warehouses. Values of holiday apartments increased 0.8%, while the value of holiday houses remained stable.
Rental values
On an annual basis, rental values increased by 13.3% for apartments, 9.2% for houses, 6.6% for retail, 9.9% for offices, 13.4% for holiday apartments and 11.0% for holiday houses. However, rental values for warehouses decreased by 0.6%.
On a quarterly basis, rental values increased by 1.8% for apartments, 0.1% for houses, 0.8% for retail and 3.2% for offices. Warehouses saw a decrease of 1.1%, while rental values of holiday apartments and holiday houses increased by 3.5% and 0.3%, respectively.
Pavlos Loizou, CEO of Ask Wire, commented that “The rising trend in property values and rental rates since Q3 2022 isn’t slowing down, particularly due to the increase in prices especially for in Limassol and Larnaca.
“Nevertheless, the blend of political instability in the area, increased inflation, and upward trajectory of prices/rents has established a stable, although high, market threshold.
“Looking forward to Q4 2023, we expect residential property prices remaining fairly steady, despite potentially slower demand and reduced transaction volume.
“We also expect commercial property pricing to come under increased pressure, as alternative investments provide attractive risk-adjusted returns.”
For a breakdown of movements in sale and rental values by district, visit https://ask-wire.com/insights/
| Property Type | Sale Value | Rental Value |
| Apartments | 2.2% | 5.6% |
| Houses | 0.0% | 6.2% |
| Commercial | 0.0% | 3.3% |
| Warehouses | 0.0% | 0.5% |
| Office spaces | 1.3% | 4.8% |
| Holiday apartments | 0.8% | 3.3% |
| Holiday houses | 0.0% | 3.2% |
| Source: Ask WiRE – Across Cyprus: Quarterly percentage change in property values (Q2 2023 with Q3 2023) | ||
| Property Type | Sale Value | Rental Value |
| Apartments | 12.2% | 13.3% |
| Houses | 4.6% | 9.2% |
| Commercial | 1.2% | 6.6% |
| Warehouses | -1.5% | -0.6% |
| Office spaces | 4.4% | 9.9% |
| Holiday apartments | 8.8% | 13.4% |
| Holiday houses | 3.7% | 11.0% |
| Source: Ask WiRE – Across Cyprus: Annual percentage change in property values (Q3 2022 with Q3 2023) | ||
