Larnaca has the lead for houses, apartments and vacation houses.

Jun 10, 2022 | Cyprus Economy

According to the recent edition of the “Cyprus Property Price Index RICS, with KPMG in Cyprus”, rising inflation and rising construction costs are issues that are expected to affect prices and possibly trade volumes in the coming quarters.

Larnaca has the lead, it is worth noting that in the first quarter of 2022, Larnaca was at the center, recording the largest increase in the overall market both in holiday homes, and in the categories of apartments, houses and offices. The average prices for houses and cottages in Larnaca increased by more than 5% compared to the previous quarter, while in terms of apartments the increase reached 5%.

The prices for houses and apartments in Limassol increased by about 3%, while the rates of increase in commercial buildings, offices and holiday homes were smaller. On the other hand, small reductions were observed in various categories of real estate throughout Cyprus.

On an annual basis, the average prices of apartments nationwide increased by 2,75%, of houses by 1,86%, of commercial properties by 0,96%, of warehouses by 1,81%, of office space by 0,89%, while for holiday apartments and houses the increase reaches 0,43% and 1,95% respectively.

On a nationwide basis, holiday home prices increased by almost 6%. In contrast, holiday apartment prices fell by 1.18%.

Rent prices recorded increases in the first quarter of 2022 compared to the previous quarter, both for apartments (3,66%), and for houses (2,91%), holiday apartments (3,65%) and holiday homes (2,06%).

The lowest rent increases were recorded in warehouses (0.51%), commercial real estate (0.78%) and offices (0.51%).

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