Filenews 27 July 2023
There was an increase in rents in all property types for Q2 2023 according to its new edition of the Ask Wire Index.
In particular, notable annual increases are observed in rental prices for apartments, houses as presented with the new edition of the Ask Wire Index for Q2 2023 for property sale and rental prices. The Ask Wire index covers all regions and main property types, with data from Q4 2009.
Nationwide, on an annual basis, prices increased by 12.2% for apartments, 4.6% for houses, 4.4% for offices, 1.2% for commercial properties, 8.8% for holiday apartments, 3.7% for holiday homes and decreased by 1.5% for warehouses. On a quarterly basis, values increased by 2.7% for apartments, 2.0% for homes, 1.0% for commercial real estate, 2.0% for offices and remained stable for warehouses. For holiday apartments and holiday homes, prices increased by 3.0% and 1.2% respectively.
In terms of rental prices, compared to the 2nd quarter of 2022 there was an increase of 17,9% for apartments, 13,6% for residential, 6,8% for commercial properties, 1% for warehouses, 10,8% for offices, 16,5% for holiday apartments and 13,9% for holiday homes. On a quarterly basis, rental prices increased by 5.6% for apartments, 6.2% for residential, 3.3% for commercial properties, 4.8% for offices and 0.5% for warehouses. For holiday apartments and holiday homes, rental prices increased by 3.3% and 3.2%, respectively.
Pavlos Loizou, CEO of Ask Wire, commented that "the upward trend in property values and rents since Q2 2022 is not slowing down, mainly due to the increase in apartment and house prices in Limassol, Paphos and Larnaca. However, the combination of increased interest rates and high prices/rents has created a stable, albeit high, market boundary. We expect commercial real estate prices to come under pressure as alternative investments provide attractive risk-adjusted returns. Looking ahead to Q3 2023, we forecast residential real estate prices to remain fairly stable, despite potentially lower demand and reduced transaction volumes. Investor demand for commercial real estate is likely to remain somewhat subdued."
Pancyprian: Quarterly percentage change in property values (1st quarter 2023 to 2nd quarter 2023)
| Property type | Price | Rental Price |
| Apartments | 2.7% | 5.6% |
| Houses | 2.0% | 6.2% |
| Commercial real estate | 1.0% | 3.3% |
| Warehouses | 0.0% | 0.5% |
| Office spaces | 2.0% | 4.8% |
| Holiday apartments | 3.0% | 3.3% |
| Holiday homes | 1.2% | 3.2% |
Analysis: Ask Wire
Pancyprian: Annual percentage change in property values (2nd quarter 2022 to 2nd quarter 2023)
| Property type | Price | Rental Price |
| Apartments | 12.2% | 17.9% |
| Houses | 4.6% | 13.6% |
| Commercial real estate | 1.2% | 6.8% |
| Warehouses | -1.5% | 1.0% |
| Office spaces | 4.4% | 10.8% |
| Holiday apartments | 8.8% | 16.5% |
| Holiday homes | 3.7% | 13.9% |
Analysis: Ask Wire
