Cyprus Mail
Business Cyprus

Property values, rents rise in Q1, RICS says

House and flat prices rose a quarterly 2.3 per cent and 1.3 per cent in January to March respectively, a sign that even as economic growth and construction activity pick up and the unemployment rate remains in the double-digit area, demand is not met by supply, the Cyprus division of the Royal Institute of Chartered Surveyors (RICS) said.

In the first quarter of the year, house and apartment prices rose 4.9 per cent and 3.3 per cent compared to the respective period last year, RICS said in an emailed statement on Wednesday. Office prices rose an annual 2.8 per cent, while in the case of warehouses and shops the increase was 2.6 per cent and 4.4 per cent respectively.

In January to March, the strongest increase in house and flat prices was in Larnaca where they rose a quarterly 2.8 per cent and 4.6 per cent respectively, RICS said.

Buyers of holiday houses had to pay 1.7 per cent more in the first quarter while those who acquired a holiday flat had to pay 1.3 per cent more compared to the fourth quarter of 2016, it said. The highest increase in holiday flat prices was in Limassol with 2.9 per cent and in the case of holiday houses in Paralimni with 2.1 per cent.

Renting a flat in the first quarter of the year was on average 2.5 per cent more expensive island-wide while renting a house became 2.6 per cent less affordable, RICS said. Shop and office rents rose 1.6 per cent and 4.6 per cent while warehouse rents remained unchanged.

Rents rose an annual 5.5 per cent in the first quarter in the case of flats, 9.6 per cent for houses, 6.3 per cent for flats, 3.1 per cent for offices and 11 per cent for warehouses, RICS said.

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