Filenews 27 December 2023
The sale prices of apartments and houses are not expected to fall in 2024 and rent prices will not fall either, while in both categories there are cities that will be the exception to the general rule.
According to the data presented by "F" from Danos & Associates (prices are proportional to location, views, age and other special characteristics and specifications of the properties. They are relative and not absolute), in Nicosia, the sale prices of apartments and houses are expected to remain at €3,000 to €4,500 per sq.m as they were in 2023 and the previous two years.
In Famagusta district, the average sale price of apartments and houses is estimated at the same levels as in 2023 at €3,000 to €4,000 per sq.m. It is noted that this is the price from 2020 onwards without any change per year. In Limassol the estimates from Danos office are that in 2024 the sale prices of apartments and houses in 2024 will be €4.000 to €5.500 per sq.m as in 2023.
The prices, if compared with previous years, show significant changes. For example, in 2020 and 2021 the selling price per square meter was €3.500 to €6.000 while in 2022 it was €3.500 to €5.000. The two cities whose prices are estimated to show an increase in the sale prices of apartments and houses are Larnaca and Paphos.
For Larnaca, estimates are that the sale per square meter in 2024 will be €3,500 to €4,000 from €2,500 to €3,500 in 2023. In Paphos it is estimated that the sale prices of apartments and houses in 2024 will be €2.500 to €3.500 per sq.m from €2.000 to €3.000 per sq.m in 2023. No big surprises are expected in rental prices, according to data from Danos and Associates, although here there are cities where prices will not remain stable but will show an increase in 2024.
More specifically: In Nicosia the rental amount per month, the square meter. For apartment and house in 2024 it is estimated at €10 to €12 as it was in 2023. In Famagusta district, rental prices per square meter are estimated for 2024 at €5 to €8, at the same levels as in 2023.
There is an upward trend in rental prices in Larnaca in 2024. The amount per square meter is estimated at €8 to €12 from €6 to €10 in 2023. Based on the data, it is the city where rents have increased significantly in recent years.
In 2020 and 2021 it was €4 to €4.5 per sq.m, in 2022 it increased to €4.5 to €5. In Limassol, rental prices are estimated according to Danos & Associates forecasts to increase in 2024 to €15 to €25 per sq.m from €10 to €15 per sq.m in 2023. In 2020 and 2021 it was €6 to €12 per sq.m and in 2022 it increased to €7 to €14 per sq.m. And in Paphos it is estimated that there will be increases in rents to €7 to €12 per sq.m from €5 to €10 per sq.m in 2023.
In 2020 and 2021 rental prices were €6 to €12 and in 2022 they increased to €7 to €14 per sq.m
In the medium term the balance will come
Demand continues to be high in all urban centres of Cyprus, especially for apartments. It is considered a good investment and Cypriots, but also foreigners residing in Cyprus, have as a priority the owner-occupancy. The great need to buy or rent houses will remain high in 2024, says the CEO of the company Danos and Associates Panos Danos.
As he notes, in the market of commercial – commercial – residential real estate for investment purposes or for rent there is an expectation of goodwill and will remain in the crosshairs of individuals, mostly investors, keeping returns at the same levels as in 2023 (3-7% depending on property, value, etc.). In the medium term, he concludes, supply and demand will balance, so will prices.
