Market stabilises for most property categories in Q1

The real estate market has shown stabilisation for most of the property categories, apart from Apartments which continue their upward trend, with notable increases in Nicosia and Paphos also, according to the “RICS Cyprus Property Price Index with KPMG in Cyprus” for the first quarter of 2024.

Speaking on behalf of KPMG in Cyprus, Christophoros Anayiotos, Head of Real Estate Industry Group, said: “According to the first quarter of 2024 data, the market has shown stabilisation for most of the property categories, apart from Apartments which continue their upward movement, with notable increases in Nicosia and Paphos. Houses recorded increases in Nicosia but remained stable in other districts. Warehouses and Offices recorded marginal increases, with the best performers being Nicosia for Warehouses and Larnaca for Offices. Retail recorded zero increases, with a marginal drop in Larnaca, continuing the trend from the fourth quarter of 2023. Declines were recorded in Warehouse values in Limassol and Paphos, while Paphos recorded a decline in Retail, also.

Rental values showed increases, with residential sector properties (apartments, houses) taking the lead. All in all, the Index shows signs of stabilisation in most categories with some positive performances also noted.”

On behalf of RICS, Simon Rubinsohn, RICS Chief Economist, commented: “The Cypriot economy continues to be underpinned by the firm trend in domestic demand even if concerns persist about the scale of the current account deficit. This generally positive picture continues to underpin the real estate market as highlighted both in this report and the improvement in sentiment captured by respondents from Cyprus in the recently released Q1 RICS Global Commercial Property Monitor."

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