Quarterly rise in prices and rents across most property types | Paphos stands out as rental values had a significant quarterly rise | Headwinds ahead for local households, but overseas demand is gaining
Ask WiRE, combining real estate knowhow with technology, has published its Q3 2022 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.
Across Cyprus, on a quarterly basis sale values increased by 3.9% for apartments, 1.1% for houses, 0.6% for offices, and decreased by 0.3% for retail and 1.5% for warehouses. As for holiday apartments and holiday houses sale values increased by 1.9% and 0.6%, respectively. On an annual basis, prices increased by 9.4% for apartments, 1.4% for houses, 3.9% for holiday apartments and 0.4% for holiday houses, while they decreased by 1.9% for retail, 5.6% for warehouses, and 0.4% for offices. Limassol stands out from the districts, as sale values of apartments continued to rise for the fourth quarter in a row (4.8% in Q3 2022).
On a quarterly basis rental values increased by 6.0% for apartments, 4.2% for houses, 0.9% for retail, 0.5% for warehouses, and 4.1% for offices. As for holiday apartments and holiday houses rental values increased by 6.4% and 3.0%, respectively. On an annual basis, rental values increased by 16.2% for apartments, 12.2% for houses, 3.9% for offices, 14.5% for holiday apartments and 10.2% for holiday houses, and decreased by 1.3% for retail, and 1.6% for warehouses. Paphos stands out from the districts, as rental values of apartments and holiday apartments had a significant increase for another quarter (increased by 12.5% and 11.1% respectively in Q3 2022).
Pavlos Loizou, CEO of Ask WiRE, commented that “the influx in population due to in-migration over the first three quarters of 2022 and pend-up demand over the past couple of years continues to drive the residential market. However, we are seeing signs of pull-back in investor appetite due to the higher cost of credit and availability of other investment opportunities in bonds, stocks, etc. Inflation and the higher costs of credit continue to affect local households, whilst migrants, typically earning above average salaries, are driving the top-end of the market. We are increasingly seeing a two-tier market evolving, each having its own characteristics and drivers. We are still away from seeing a return to stability, as the landscape around the global economy and geopolitics keeps shifting.”
For a breakdown of movements in sale and rental values by district, visit https://ask-wire.com/blog/category/data-analytics.
Across Cyprus: Quarterly percentage change in property values (Q2 2022 with Q3 2022)
|
Property Type |
Sale Value |
Rental Value |
|
Apartments |
3.9% |
6.0% |
|
Houses |
1.1% |
4.2% |
|
Commercial |
-0.3% |
0.9% |
|
Warehouses |
-1.5% |
0.5% |
|
Office spaces |
0.6% |
4.1% |
|
Holiday apartments |
1.9% |
6.4% |
|
Holiday houses |
0.6% |
3.0% |
Source: Ask WiRE
Across Cyprus: Annual percentage change in property values (Q3 2022 with Q3 2021)
|
Property Type |
Sale Value |
Rental Value |
|
Apartments |
9.4% |
16.2% |
|
Houses |
1.4% |
12.2% |
|
Commercial |
-1.9% |
-1.3% |
|
Warehouses |
-5.6% |
-1.6% |
|
Office spaces |
-0.4% |
3.9% |
|
Holiday apartments |
3.9% |
14.5% |
|
Holiday houses |
0.4% |
8.7% |
Source: Ask WiRE
