Larnaca records significant overall increases in property prices, Q3 Index says

Larnaca has recorded significant overall increases according to the 'RICS Cyprus Property Price Index with KPMG in Cyprus' for 2023's Q3.

The increases in Larnaca are part of an upward trend in the Cyprus Property Index continuing during the third quarter of the year, the new Index suggests.

In an announcement on the Index's publication and speaking on behalf of KPMG in Cyprus, Christophoros Anayiotos, Head of Real Estate Industry Group, commented, “The upward trend in Cyprus Property Index continued during the third quarter of 2023, with Larnaca recording significant overall increases."

He continued that, "The best-performing asset class is again Apartments, followed closely by Houses, with the highest increases being recorded in Larnaca and Limassol. Warehouses and Offices recorded modest increases, with the best performers being Larnaca for Offices and Limassol for Warehouses."

Also according to Anayiotos, "Retail recorded zero increases, with marginal decreases in Famagusta and Limassol. Rental values also increased, with holiday apartments and residential sector properties (apartments, houses) exhibiting the largest increases. Overall, the Cyprus Property Index shows very positive returns for the residential sector and the holiday properties, which seem to be driven by resilient demand”.

On behalf of RICS, Simon Rubinsohn, RICS Chief Economist, said, “The relatively solid economic picture continues to be reflected in the firm tone of the Cyprus Property Price Index. Residential, in its various forms as an asset class, continues to outperform, and looking at the feedback to the sentiment-based RICS Cyprus Commercial Property Monitor, this is likely to continue into the first half of 2024."

"Meanwhile, in another signal that the macro environment is still positive, occupier demand to take up office space is continuing to grow with prime real estate particularly sought after,” Rubinsohn added.

The publications can be found on the RICS website