Cyprus’s property market is showing signs of stabilisation, with apartments remaining the only sector recording consistent growth, according to the latest RICS Cyprus Property Price Index with KPMG in Cyprus for the third quarter of 2024.
Apartment prices rose by 0.8 percent quarter-on-quarter, whilst other property categories remained largely stable. Retail spaces and warehouses continued to experience low demand.
In regional developments, Larnaca and Paphos recorded the strongest growth in apartment prices and some gains in office space, with Paphos also showing positive movement in housing. Nicosia and Famagusta saw notable increases only in apartments, while Limassol registered marginal decreases across all property categories.
“Despite signs of a more stable trend in property values, the sentiment captured through the RICS Global Commercial Property Monitor remains positive”, said Simon Rubinsohn, RICS Chief Economist. “Residential property demand is proving relatively resilient, while investors are showing increased interest”.
Rental values showed increases across most property types year-on-year, with apartments leading the growth followed by houses. Holiday properties remained largely stable in the third quarter, though maintaining their positive trend over the past year.
Christophoros Anayiotos, Board Member and Head of Real Estate at KPMG Cyprus, noted that Nicosia remains strong in residential apartments, alongside robust performances in Paphos and Famagusta, while Limassol showed slight declines across all property categories.
