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Cyprus fintech company Ask WiRE has published data on changes in prices and rental rates for housing and commercial real estate in Cyprus in the fourth quarter of 2022 - on a quarterly and annual basis.
| Property type | Sale price | Rent Price |
|---|---|---|
| Apartments | +1,9% | +2,7% |
| Houses | +0,1% | +1,1% |
| Commercial properties | 0,0% | +1,7% |
| Warehouses | 0,0% | 0,0% |
| Offices | +0,4% | +0,8% |
| Vacation apartments | +1,9% | +3,6% |
| Vacation houses | +0,3% | +5,9% |
| Property type | Sale price | Rent price |
|---|---|---|
| Apartments | +9,9% | +18,2% |
| Houses | +1,0% | +11,6% |
| Commercial properties | -1,4% | +0,9% |
| Warehouses | -3,7% | -0,4% |
| Offices | +0,3% | +6,3% |
| Vacation apartments | +4,7% | +16,9% |
| Vacation houses | +0,9% | +12,8% |
Pavlos Loizou, CEO of Ask WiRE, said: "The influx of population due to immigration during 2022 and unmet demand over the past couple of years continues to stimulate the housing market."
"Due to inflation undermining disposable incomes and rising interest rates, we are seeing a slowdown in demand in the second half of the year and price stabilization in Nicosia and Limassol. We expect that commercial real estate prices will come under pressure, as alternative investment classes offer attractive returns adjusted for risk," the expert adds.
"Looking ahead to 2023, we expect residential real estate prices to remain generally stable, albeit with slowing demand and fewer transactions, while commercial real estate will face various challenges and investor demand will remain relatively low," he concludes.
Source: Financial Mirror
Photo by Igor Starkov on Unsplash
