Cyprus Mail
Business Cyprus

Property prices rise in Q4 in all categories, RICS says

By Stelios Orphanides

Residential property prices rose in the fourth quarter of last year a quarterly 0.8 per cent for houses and 1.4 per cent for flats, the Cyprus branch of the Royal Institute of Chartered Surveyors (RICS) said.

The highest quarterly increase was in Larnaca and Nicosia where apartment and house prices rose 2.7 per cent and 1.4 per cent respectively in October to December compared to the quarter before, RICS said in an emailed statement on Tuesday.

In the fourth quarter, house and apartment prices rose island-wide an annual 7.1 per cent and 4.3 per cent respectively in the fourth quarter, RICS said. The increase resulted mainly from an 11 per cent increase in the price of flats and 13 per cent in that of houses in Limassol which beat all other districts.

Prices for retail space rose 0.1 per cent in last quarter of 2017 compared to the quarter before, 0.8 per cent in the case of warehouses and 1.1 per cent in the case of offices, the institute said. Compared to the respective quarter of 2016, prices for shops, warehouses and offices rose 3.1 per cent, 4.5 per cent and 8.3 per cent.

Prices for retail properties rose the most in Limassol in October to December compared to July to September, while in the case of warehouses and offices the highest increases were in Nicosia with 3.7 per cent and Paphos with 2 per cent respectively.

In the fourth quarter of last year, prices for retail properties, warehouses and offices rose an annual 3.1 per cent, 4.5 per cent and 8.3 per cent spearheaded by a respective 5.5 per cent annual increase in the Famagusta area, 9.3 per cent and 18 per cent in Nicosia, RICS said.

Rents rose in the fourth quarter in the case of flats a quarterly 2.9 per cent island-wide and an annual 14 per cent while in the case of houses the increase was 1.9 per cent and 8.2 per cent, RICS said. Retail space prices rose a quarterly 0.6 per cent and an annual 5.9 per cent, for warehouses 0.2 per cent and 1.8 per cent, and offices 2.5 per cent and 19 per cent respectively.

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