RICS Cyprus Property Price Index in association with KPMG will present results for Q3 2023.

The RICS website has published the results of the RICS Cyprus Property Price Index with KPMG in Cyprus for the third quarter of 2023.

The upward trend in Cyprus property prices continues, especially in Larnaca, according to Christoforos Anaitiotos, head of KPMG's real estate industry group in Cyprus.

Best results

• The apartments and houses with the biggest price increases in Larnaca and Limassol.
• Warehouses and offices with moderate growth, with Larnaca being the best city for offices and Limassol for warehouses.
• Retail - prices remained unchanged, with slight decreases in Famagusta and Limassol.
• Rent prices increased, especially for vacation properties and residential properties'.

The overall conclusion of the Cyprus property price index suggests positive performance in the residential and vacation property sectors, which appears to be due to sustained demand.

The RICS chief economist, Simon Rubinson, commented on the results, noting that the relatively stable economic situation in Cyprus is reflected in the property price index.

The residential sector continues to perform well, and according to respondents from the commercial real estate industry, this trend is likely to continue into the first half of 2024.

At the same time, indicative of a favorable macroeconomic environment, demand for office space continues to grow,''especially on prime real estate.

Further details of the publication can be found on the RICS website.