Cyprus property prices rise again

Villa and apartment prices in Cyprus continued to rise in the fourth quarter of 2016, new figures show.

The latest RICS (Cyprus) Property Price Index shows that the average price of residential apartments and houses across the island rose by 0.7 per cent and 1.7 per cent respectively during the final quarter of 2016.

The Cyprus Property Price Index recorded increases in almost all cities and asset classes across the island, with the most significant increases being recorded in Larnaca.

Larnaca recorded the biggest quarterly increase in apartment prices (3.3 per cent), while the largest rise in house prices (1.8 per cent) was recorded in Limassol.

The value of holiday homes rose 2.3 per cent for apartments and 2.2 per cent for houses.

When compared to the fourth quarter of 2015, apartment prices have risen 3.7 per cent, while house prices have risen 3.4 per cent.

However, while prices are now rising after years of decline, they still remain far lower than they were at the market’s late noughties peak. Since RICS (Cyprus) launched its property price index in the fourth quarter of 2009, the value of residential apartments has fallen by approximately 38 per cent, while the value of residential houses has fallen by roughly 28 per cent.

Article published 24th May 2017