House prices in Cyprus are on the rise

Apartments in Cyprus continue to influence property price growth in the fourth quarter of 2022, according to data released by Ask WiRE Index.

According to the index, property prices in Cyprus increased on an annualized basis by 9.9% for apartments, by 1.0% for houses, by 0.3% for offices, by 4.7% for resort apartments and by 0.9% for resort houses. At the same time, prices for commercial space decreased by 1.4% and warehouses by 3.7%.

Nicosia stands out among other areas as apartment sales prices continue to increase throughout the year (2.5% in the fourth quarter of 2022).

In terms of rental values, compared to the fourth quarter of 2021, rents increased 18.2% for apartments, 11.6% for homes, 0.9% for commercial properties, 6.3% for offices, 16.9% for resort apartments and 12.8% for resort homes, while rents for warehouses decreased 0.4%.

Paphos stands out among the areas as rental rates for resort apartments and resort houses continue to grow significantly (up 5% and 11.8% respectively in the fourth quarter of 2022).

Pavlos Loizou, CEO of Ask WiRE, noted that "population growth due to immigration during 2022 and the accumulated demand over the past few years continue to influence the residential real estate market."