The 59th quarterly publication of the RICS Cyprus Property Index with KPMG in Cyprus records the property price and rental index, tracking property and rental prices across all Cyprus districts and main property types.
On behalf of KPMG in Cyprus, Christophoros Anayiotos, Board member and Head of the Real Estate Industry Group, stated:
“In this third quarter of 2024, the index shows increasing signs of stabilization, recording only minor changes in most asset categories. Once again, apartments remain the leading category, whilst retail and warehouses are at the lower end.
“At the district level, Nicosia continues to show strength in residential apartments, joined by Paphos and Famagusta, which also demonstrate strong performance. In contrast, Limassol is experiencing a minor decline across all categories.
“Rental values continue to rise, particularly in residential assets, while retail shows almost no increase. Overall, the index reflects increases in rental values compared to previous years, although property yields show very marginal movements.”
On behalf of RICS, Simon Rubinsohn, RICS Chief Economist, commented:
“Despite signs of a more stable trend in values as highlighted in the RICS Cyprus Property Price Index with KPMG in Cyprus, sentiment captured through the RICS Global Commercial Property Monitor still remains on balance positive. Occupier demand metrics are proving to be relatively resilient according to the feedback from respondents to the survey while investment enquiries actually appear to be picking up.
“Critically, there is a sense that credit conditions are improving which should help support the real estate market going forward.”
Extracts from the Q3 2024 RICS/KPMG price and rental index
Market values year-on-year
Looking at the data on a year-on-year comparison, the Q3 numbers show a strong increase in Apartments, with Houses and Offices some way behind. Warehouses recorded a marginal increase, whilst Retail once again stands out showing a decline compared with a year earlier.
- Apartments +4.93%
- Houses +1.38%
- Retail premises -0.72%
- Warehouses +0.57%
- Offices +1.35%
Holiday home prices
Over the past year both Holiday Apartments and Holiday Houses are still showing price increases, with Apartments leading the way..
- Holiday apartments +1.75%
- Holiday houses +1.00%
Rental values year-on-year
Year-on-year, rental values showed increases in most asset categories, the highest being in apartments, followed closely by apartments. Warehouse and retail assets are at the lower end of the scale, whilst Retail recorded slight decreases.
- Apartments +10.57%
- Houses +9.55%
- Retail premises -0.98%
- Warehouses +1.82%
- Offices +5.53%
- Holiday apartments +7.44%
- Holiday houses +6.45%
Rental yields
Yields have generally recorded marginal movements over the past year, with apartments posting the biggest fall.
- Apartments -0.15%
- Houses +0.07%
- Retail -0.07%
- Warehouse +0.03%
- Office +0.19%
- Holiday Apartments -0.11%
- Holiday Houses +0.04%
RICS notional buildings
The RICS Cyprus Property Price Index with KPMG in Cyprus monitors hypothetical or notional buildings, each having specific characteristics. The methodology underpinning Index was developed by the University of Reading.
The price per sqm is based on the Gross External Area of the property (as defined in the RICS’ Code of Measurement Practice 8th Edition), which includes the living area and covered verandas but excludes common areas.
The estimation of price levels is carried out by accredited RICS property professionals who are active in the relevant markets.
Further reading
The full publication can be found on the RICS website at The RICS Cyprus Property Index with KPMG in Cyprus.
