Choose language:

Choose language:
Call us: +357 (24) 822 870
Cypriot Passport Acquisition and Permanent Residence Permit
Repossession Property Yield Properties

Latest news

  • 19 April 2018 VAT break for young couples buying land for first home

    Young couples buying land for their first home in Cyprus may only pay 5 per... read more

  • 12 April 2018 Impressive growth in Cyprus property sales

    The impressive growth in Cyprus property sales continued in March with the... read more

  • 19 March 2018 Α. Σωφρονίου: Στο ραντάρ ξένων, επενδύσεις στην Κύπρο

    Α. Σωφρονίου: Στο ραντάρ ξένων, επενδύσεις... read more

  • 5 March 2018 Liquidity came back after the crash of 2013

    Banks' actions to de-balance their balance sheets and the growth of deposits... read more

  • 26 February 2018 Citizenship scheme shrouded in secrecy

    Citizenship scheme shrouded in secrecy read more

Cypriot Passport Acquisition and Permanent Residence Permit
Repossession Property Yield Properties

Latest news

  • 19 April 2018 VAT break for young couples buying land for first home

    Young couples buying land for their first home in Cyprus may only pay 5 per... read more

  • 12 April 2018 Impressive growth in Cyprus property sales

    The impressive growth in Cyprus property sales continued in March with the... read more

  • 19 March 2018 Α. Σωφρονίου: Στο ραντάρ ξένων, επενδύσεις στην Κύπρο

    Α. Σωφρονίου: Στο ραντάρ ξένων, επενδύσεις... read more

  • 5 March 2018 Liquidity came back after the crash of 2013

    Banks' actions to de-balance their balance sheets and the growth of deposits... read more

  • 26 February 2018 Citizenship scheme shrouded in secrecy

    Citizenship scheme shrouded in secrecy read more

Cyprus property prices up Q3 2016

   

THE TWENTY-EIGHTH edition of the RICS Cyprus Property Price Index reports that the average price of residential apartments and houses across the island rose by 0.9% and 0.6% respectively during the third quarter of 2016. During the third quarter of 2016 the Cyprus economy showed further signs of stability, with the economy’s performance being better than expected and tourism mildly outperforming forecasts. Unemployment remained at relatively high levels, on a downtrend to ca 13% (from the high levels of 17%). Given prevailing economic conditions and the turbulence in the Cyprus banking system, there were relatively few transactions during the quarter although volume was higher on a year on year basis. Local buyers in particular were the most discerning as unemployment and high debt for locals maintained lack of interest. Furthermore, those interested are trying to access bank-finance. Property prices The Cyprus Property Price Index has recorded increases in almost all cities and asset classes, with significant increases being recorded in Larnaca area, whilst other cities are progressively bottoming out. Limassol recorded the largest quarterly increase in apartment prices (1.4%), while the largest rise in house prices (1.77%) was recorded in Paphos. The values of holiday homes rose 1.6% for apartments and 0.4% for houses.

Cyprus property price districts

Compared to the third quarter of 2015, apartment prices have risen 0.6%, house prices have risen 0.9%. Prices for offices and retail have risen 0.9% and 0.8% respectively, while warehouses have remained stable. Since RICS (Cyprus) launched its property price index in the fourth quarter of 2009, the value of residential apartments has fallen by 39%, while the value of residential houses has fallen by 28%. (Anecdotal evidence suggests that the value of holiday properties has fallen considerably more than those of residential properties.) Rental values Across Cyprus, on a quarterly basis rental values increased by 0.7% for apartments, 3.3% for houses, 2.2% for retail, 1.1% for office and 3.5% for warehouses. Compared to the third quarter of 2015, apartment rental values have risen 5.3%, house rental values have risen 6.7%. Rental values for retail, offices and warehouses are up 3.9%l, 3.5% and 2.5% respectively. The majority of asset classes and geographies are bottoming out and are showing some signs of price stability. Gross yields At the end of the third quarter of 2016, average gross yields stood at 4% for apartments, 2.0% for houses, 5.4% for retail, 4.4% for warehouses, and 4.5% for offices. The parallel reduction and/or stabilisation in capital values and rents is keeping investment yields relatively stable and at low levels (compared to yields overseas). This suggests that there is still room for some re-pricing of capital values to take place, especially for properties in secondary locations.

Read more at: http://www.news.cyprus-property-buyers.com/2017/01/31/cyprus-property-prices-q3-2016/id=00152109
Copyright © Cyprus Property News