Insider Business RICS: Property prices rise

RICS: Property prices rise

Property prices in Cyprus rose in the fourth quarter of 2017, according to RICS’ latest Cyprus Property Price Index.

Across Cyprus, residential prices for both houses and flats increased on a quarterly basis by 0.8% and 1.4% respectively, with the biggest increase recorded in Larnaca with a quarterly increase of 2.7% for flats followed by Limassol with a quarterly increase of 1.5% for houses.

Values for holiday homes on a quarterly basis across Cyprus increased by 0.4% for flats and 0.3% for houses. Paphos showed the highest quarterly increases for holiday apartments with an increase of 1.33% and Paralimni for holiday homes with an increase of 0.9%.

Across Cyprus, on an annual basis (compared to Q4 2016), prices for flats rose by 7.1%, for houses by 4.3%, for offices by 8.3%, warehouses by 4.4% and retail by 3.1%. Across Cyprus, on an annual basis for flats and houses the highest increase was in Limassol with 11.1% and 12.6% respectively, for offices Nicosia with 17.7%, for warehouses and retail the highest increase was in Nicosia with 9.3% and 4.2% respectively.

Across Cyprus, on a quarterly basis rental values increased by 2.9% for apartments, 1.9% for houses, 0.6% for retail, 2.5% for offices and 0.2% for warehouses. Compared to Q4 2016, rents increased annually by 13.7% for flats, 8.2% for houses, 5.9% for retail, 19.2% for offices and for warehouses 1.8%.

The RICS Cyprus Property Price Index monitors the urban centres of Nicosia, Limassol, Larnaca, Paphos and Paralimni- Famagusta. The Index only tracks prices in the area controlled by the Republic of Cyprus.

 

Top Stories

Seventeen new coronavirus cases detected out of 2,465 tests

The Ministry of Health has announced that 17 new cases of the SARS-CoV-II virus were detected in Cyprus over the past 24 hours out...

Doctors stop mid-operation, dress patient in operating theatre and discharge him

Unbelievable and yet a now quintessentially Cypriot thing to happen. The incident in question is that doctors at a private hospital in Nicosia stopped...

Economic sentiment in Cyprus deteriorated slightly this September

In September 2020, economic sentiment in Cyprus deteriorated slightly as the Economic Sentiment Indicator (ESI-CypERC) decreased by 1.0 point compared to August 2020. According to...

Jiu Jitsu – Distribution for US and Canada set for November

Jiu Jitsu, the first Hollywood movie to be filmed in Cyprus under the incentive plan to promote the audiovisual industry starring Nicolas Cage, Alain...

Mainly fine weather with higher temperatures on Tuesday

Tuesday will be mainly fine with temperatures set to rise to 40°C inland, around 35°C in all coasts, and 32°C in the mountains, according...

Taste

Sheftalies

Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...

Souvlakia

Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...