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What has happened? Cypriot real estate and technology company Ask Wire on Wednesday released the latest iteration of its property market index, updated to include the first quarter of 2023, revealing that property prices and rents increased once again.
How did they count? The Ask Wire Index, which provides valuable insights into property sales and rental values across Cyprus, covers all districts and main property types, with values tracked from the fourth quarter of 2009 onwards.
|
Property type |
year-on-year %change |
last quarter % change |
|
Apartments |
+12,3% |
+3,2% |
|
Houses |
+3,1% |
+1,3% |
|
Holiday apartments |
+8,0% |
+1,8% |
|
Holiday houses |
+3,1% |
+1,5% |
|
Оffices |
+2,4% |
+1,4% |
|
Retail |
-0,1% |
+0,4% |
|
Warehouses |
-1/8% |
Remained stable |
|
Property type |
year-on-year %change |
last quarter % change |
|
Apartments |
+19,0% |
+2,6% |
|
Houses |
+12,2% |
+1,5% |
|
Holiday apartments |
+19,1% |
+2,3% |
|
Holiday houses |
+14,5% |
+1,3% |
|
Оffices |
+7,5% |
+0,8% |
|
Warehouses |
+1,0% |
Remained stable |
|
Retail |
+3,3% |
+0,7% |
Quote. Pavlos Loizou, CEO of Ask Wire, commented on the findings of the index, stating that “the increase in property prices and rents is showing signs of slow down, following significant increases since the first quarter of 2022 and being led by apartment and house prices in Limassol, Paphos, and Larnaca”.
“The combination of higher interest rates and high prices and rents has created a ceiling, with the market being generally stable, but at high levels,” he added.
Perspectives. “Looking ahead to the second half of 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,” he concluded.
Source: Cyprus Mail
Photo by Nikolai Rubanov on Unsplash
