Growth in the rental cost of real estate in all its types types

Ask Wire, a technology aware company, has released its Ask Wire Index of real estate sales and rentals for Q2 2023.

Ask Wire Index covers all neighborhoods and major property types, with data from Q4 2009.

Prices across Cyprus, at an annualized rate, rose 12.2% for apartments, 4.6% for houses, 4.4% for offices, 1.2% for retail, 8.8% for holiday apartments, 3.7% for holiday homes and fell 1.5% for warehouses.

Overall, quarterly rate values rose 2.7% for apartments, 2.0% for homes, 1.0% for retail, 2.0% for offices and remained stable for warehouses.

As for vacation apartments and vacation homes, values rose by 3.0% and 1.2%, respectively.

Estimated values.

Relative to the estimated values, compared to Q2 2022, there was an increase of 17.9% for apartments, 13.6% for houses, 6.8% for retail, 1.0% for warehouses, 10.8% for offices, 16.5% for vacation apartments, and 13.9% for vacation homes.

On a quarterly rate basis, assessed values increased 5.6% for apartments, 6.2% for houses, 3.3% for retail, 4.8% for offices and 0.5% for warehouses.

As for vacation apartments and vacation homes, assessed values increased by 3.3% and 3.2%, respectively.

Pavlos Loizou, CEO of Ask Wire, commented, "The rising trend of property prices and rental rates since Q2 2022 has not abated, especially due to the increase in apartment and house prices in Limassol, Paphos and Larnaca. However, the combination of higher interest rates and high prices/rents has created a stable, albeit high, market threshold.

"Looking ahead to Q3 2023 shows that residential real estate prices will remain fairly stable despite possibly reduced demand and lower transaction volume. Investment demand for commercial real estate may remain relatively subdued."

For information on sales and rental price changes by neighborhood, visithttps://ask-wire.com/insights/.