RICS Cyprus Property Price Index with KPMG in Cyprus shows increasing signs of stabilisation

KPMG in Cyprus has issued the “RICS Cyprus Property Price Index with KPMG in Cyprus” for 2024 Q3, showing increasing signs of stabilisation and recording only minor changes in most asset categories

On behalf of KPMG in Cyprus, Christophoros Anayiotos, Board Member and Head of the Real Estate Industry Group, stated:

“In this third quarter of 2024, the index shows increasing signs of stabilisation, recording only minor changes in most asset categories. Once again, apartments remain the leading category, whilst retail and warehouses are at the lower end. At the district level, Nicosia continues to show strength in residential apartments, joined by Paphos and Famagusta, which also demonstrate strong performance. In contrast, Limassol is experiencing a minor decline across all categories.

Rental values continue to rise, particularly in residential assets, while retail shows almost no increase. Overall, the index reflects increases in rental values compared to previous years, although property yields show very marginal movements”.

On behalf of RICS, Simon Rubinsohn, RICS Chief Economist, commented:

“Despite signs of a more stable trend in values as highlighted in the RICS Cyprus Property Price Index with KPMG in Cyprus, sentiment captured through the RICS Global Commercial Property Monitor still remains on balance positive. Occupier demand metrics are proving to be relatively resilient according to the feedback from respondents to the survey while investment enquiries actually appear to be picking-up. Critically, there is a sense that credit conditions are improving which should help support the real estate market going forward.”

The publication can be found on the RICS website https://www.rics.org/news-insights/market-surveys/cyprus-property-price-index