RICS Cyprus Property Price Index with KPMG: Upward trend continued in Q4 of 2023

KPMG in Cyprus announces that the “RICS Cyprus Property Price Index with KPMG in Cyprus” has been issued for 2023 Q4, showing that the upward trend continued over that period, with Paphos taking the lead.

On behalf of KPMG in Cyprus, Christophoros Anayiotos, Head of Real Estate Industry Group, stated, “The upward trend in Cyprus Property Index continued during the fourth quarter of 2023, with Paphos taking the lead in recording overall increases. The best-performing asset class is again Apartments, followed by Houses, with the highest increases being recorded in Paphos, Larnaca and Limassol. Warehouses and Offices recorded marginal increases, with the best performers being Paphos for both categories. Retail recorded zero increases, with a large drop in Larnaca. Rental values showed increases, with holiday apartments and residential sector properties (apartments, houses) taking the lead. All in all, the Index shows positive returns for the residential and holiday properties, supported by a resilient demand during 2023.”

On behalf of RICS, Simon Rubinsohn, RICS Chief Economist, commented, “Real estate continues to perform relatively strongly, particularly the residential sector, despite the higher cost of borrowing. Although some cooling in economic growth is likely this year, surveys suggest businesses in general remain upbeat although there is inevitably a sector skew. The positive trend in holiday homes and apartments captured in the Cyprus Property Index is, meanwhile, likely to be sustained by solid growth in tourism; this is also visible in the RICS Commercial Monitor where expectations for hotel performance over the next twelve months remain solid.”

As noted in a relevant announcement from the companies, the publications can be found on the RICS website https://www.rics.org/news-insights/market-surveys/cyprus-property-price-index