Property prices in Cyprus rise

According to RICS latest report the prices of properties in Cyprus are increasing. Prices of apartments have risen by 1.3% during the first 3 months of 2017 while prices of houses have increased by 2.3% during this same period.

Property prices have increased in all cities in Cyprus but the highest increases were observed in Limassol, Nicosia and Larnaca. Paralimni and Paphos had only modest increases. Apartments in Larnaca have recorded a very notable quarterly increase of 4.6%. Houses in Larnaca recorded an increase of 2.8%.

Rental values have also increased across Cyprus by 2.5% for apartments, 2.6% for houses, 4.6% for offices and an impressive 11% for warehouses.

The highest gross yields are for retail with a 5.4% yield. Offices recorded an impressive yield of 4.8% and warehouses 4.3%. The yield for apartments is significantly higher than for houses and stood at 4% in comparison with almost half of that for houses with just 2.1%.