• About Us
  • Our Services
  • Subscribe
  • Advertise
  • FAQ
  • Contact Us
Login | My Posts
Accountants in Cyprus
  • Publications
  • About Cyprus
    • Cyprus History
    • Cyprus Company Registration
    • Cyprus Tax
    • Cyprus VAT
    • Cyprus Accountants
    • Cyprus Economy
  • Find Accountants
  • Contact Us
No Result
View All Result
  • Publications
  • About Cyprus
    • Cyprus History
    • Cyprus Company Registration
    • Cyprus Tax
    • Cyprus VAT
    • Cyprus Accountants
    • Cyprus Economy
  • Find Accountants
  • Contact Us
No Result
View All Result
Accountants in Cyprus
No Result
View All Result
Home Publications Articles

Ask WiRE Index Q4 2022: Significant increase in rental and purchase prices of apartments

February 7, 2023
in Articles
Reading Time: 3 mins read
Increase in rental and purchase prices

Small increase in house purchase prices | Since 2021, apartment prices in Nicosia have continued to rise

Ask WiRE, combining real estate know-how with technology, has published its Q4 2022 edition of the Ask WiRE Index for property sale and rental values. The Ask WiRE Index covers all districts and main property types, with values from Q4 2009.

Across Cyprus, on an annual basis, prices increased by 9.9% for apartments, 1.0% for houses, 0.3% for offices, 4.7% for holiday apartments and 0.9% for holiday houses, and decreased by 1.4% for retail and 3.7% for warehouses. Nicosia stands out from other districts, as sale prices of apartments had continued to rise throughout the year (2.5% in Q4 2022). Overall, on a quarterly basis sale values increased by 1.6% for apartments, 0.1% for houses, 0.4% for offices, and remained stable for retail and warehouses. As for holiday apartments and holiday houses sale values increased by 1.9% and 0.4%, respectively.

Regarding rental values, compared to Q4 2021 there has been an increase of 18.2% for apartments, 11.6% for houses, 0.9% for retail, 6.3% for offices, 16.9% for holiday apartments and 12.8% for holiday houses, whilst rents of warehouses decreased by 0.4%. Paphos stands out from the districts, as rental values of holiday apartments and holiday houses had a significant increase for another quarter (increased by 5.0% and 11.8% respectively in Q4 2022). On a quarterly basis rental values increased by 2.7% for apartments, 1.1% for houses, 1.7% for retail, 0.8% for offices, and remained stable for warehouses. As for holiday apartments and holiday houses rental values increased by 3.6% and 5.9%, respectively.

Pavlos Loizou, CEO of Ask WiRE, commented that “the influx in population due to in-migration throughout 2022 and pend-up demand over the past couple of years continues to drive the residential market. With inflation eroding disposable incomes and interest rates rising, we have seen a slowing down of demand in the second half of the year and prices stabilizing in Nicosia and Limassol. We expect pricing of commercial properties to come under pressure, as alternative investment classes offer appealing returns on a risk adjusted basis. Looking ahead to 2023, we expect residential property prices to remain broadly stable, albeit with slowing demand and less transaction volume, whilst commercial real estate will face various challenges, with investor demand remaining relatively thin.”

For a breakdown of movements in sale and rental values by district >>

 

Across Cyprus: Quarterly percentage change in property values (Q3 2022 with Q4 2022)

Property Type Sale Value Rental Value
Apartments 1.9% 2.7%
Houses 0.1% 1.1%
Commercial 0.0% 1.7%
Warehouses 0.0% 0.0%
Office spaces 0.4% 0.8%
Holiday apartments 1.9% 3.6%
Holiday houses 0.3% 5.9%

Source: Ask WiRE

 

Across Cyprus: Annual percentage change in property values (Q4 2021 with Q4 2022)

Property Type Sale Value Rental Value
Apartments 9.9% 18.2%
Houses 1.0% 11.6%
Commercial -1.4% 0.9%
Warehouses -3.7% -0.4%
Office spaces 0.3% 6.3%
Holiday apartments 4.7% 16.9%
Holiday houses 0.9% 12.8%

Source: Ask WiRE

 

 

Tags: Financial Updates
Share1Tweet1Share

Newsletter

Latest News

Growth of the financial services sector
News & Announcements

Cyprus government aims to further support the growth of the financial services sector

September 14, 2023

The Cyprus government aims to further support the growth of the financial services sector by further bolstering the regulatory framework,...

Read more
Cyprus as a filming location

Scheme that aims to promote Cyprus as a filming location

September 14, 2023
Deadline for Registration of Beneficial Ownership

Deadline for Registration of Beneficial Ownership Data and imposition of fines – 2023

September 5, 2023

Accountants in Cyprus is an accounting portal that consists of information in the field of finance and a network of Cyprus accounting firms and other financial service providers .

USEFUL LINKS

  • Accountants in Nicosia
  • Accountants in Limassol
  • Accountants in Larnaca
  • Accountants in Famagusta
  • Accountants in Paphos
  • Accountants in Nicosia
  • Accountants in Limassol
  • Accountants in Larnaca
  • Accountants in Famagusta
  • Accountants in Paphos

USEFUL LINKS

  • Cyprus Tax Consultants
  • Tax Planning Cyprus
  • Tax Benefits Cyprus
  • Double Taxation Treaties
  • Cyprus Accounting Firms
  • Cyprus Tax Consultants
  • Tax Planning Cyprus
  • Tax Benefits Cyprus
  • Double Taxation Treaties
  • Cyprus Accounting Firms

AFFILIATED SITES

logo-lawyers-in-cyprus
lawyers-malta
2022 © Accountants in Cyprus. All Rights Reserved. Developed by Wizzweb
  • About
  • Cyprus Accounting Services
  • Auditors in Cyprus
  • Cyprus VAT
  • Contact Us
No Result
View All Result
  • Publications
  • About Cyprus
    • Cyprus History
    • Cyprus Company Registration
    • Cyprus Tax
    • Accountants Cyprus
    • Cyprus Economy
  • Find Accountants
  • Contact Us
  • Our Services
  • Subscribe
  • Advertise
  • FAQ

© 2023 Accountant in Cyprus

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.