Cyprus property prices are continuing to rise

November 16, 2017

Cyprus property prices are continuing to rise, according to the thirty-first publication of the RICS Cyprus Property Price Index with apartment and house prices maintaining a steady growth.

THE THIRTY-FIRST publication of the RICS Cyprus Property Price Index reports that the average price of residential apartments and houses across the island rose by 1.5% and 1.6% respectively during the first quarter of 2017. The largest increase was in Limassol where the prices of both apartments and houses rose by 3.8%. Holiday homes also increased in value over the quarter with holiday apartments rising by 2.6% and holiday houses by 1.9%. Limassol saw the highest rise in holiday apartment prices at 4.2%, while Paphos saw the highest rise in holiday houses at 3.0%. During the second quarter of 2017 the Cyprus economy showed further signs of stability, with a seasonally adjusted quarterly GDP growth of 0.9% and an annual seasonally adjusted GDP growth of 3.5%. Unemployment remained at relatively high levels, on a continued downwards trend to around 10.8% (from the high levels of 17%). Given prevailing economic conditions and the marginally improved confidence in the Cyprus banking system, there are relatively higher transactions during the quarter and improved market sentiment. Financial institutions, despite of their NPLs, have been more willing to provide access to finance and there is an increasing interest from locals. 

Source: Cyprus Property News