Further increases in property prices in Cyprus during the first quarter of 2017 are recorded by the Real Estate Price Index of RICS (Royal Institution of Chartered Surveyors) Cyprus, in the context of the results of the 30th edition of the Index released today.
The index tracks property prices and rents in all provinces, and is based on a methodology developed by the University of Reading, UK. According to a relevant announcement, the current version of the index has been enriched and now includes the prices of tourist real estate, in an effort to increase the transparency in the real estate market.
During the first quarter of 2017, the Real Estate Price Index recorded significant increases in almost all major urban areas and all categories, with the most important being in Larnaca, Nicosia and Limassol, while Paphos and Paralimni have reached the lowest point.
Across Cyprus, house and apartment prices showed a quarterly increase of 2,3% and 1,3% respectively with the largest increase in Larnaca, at 4,6% for apartments and 2,8% for houses. Holiday home prices in Cyprus showed a quarterly increase, 1,7% for apartments and 1,3% for houses.
Limassol showed the highest increase in holiday apartments, which reached 2,9% and the Paralimni in cottages, with an increase of 2,1%. Compared to the corresponding first quarter of 2016, apartment prices increased by 4,9%, homes by 3,3%, offices by 2,8%, warehouses by 2,6% and shops by 4,4, XNUMX%.
Moreover, according to the same announcement, the average rental price throughout Cyprus showed a quarterly increase of 2,5% in apartments, 2,6% in homes, 1,6% in shops and 4,6% in offices, while prices for warehouses remained stable. Comparing rents with those of the first quarter of 2016, rental prices increased by 5,5% for apartments, 9,6% for houses, 6,3% for shops, 3,1% for offices and 11% for warehouses.
As mentioned in the announcement, the RICS Real Estate Price Index is compiled in collaboration with the Association of Cyprus Construction Economists (SEEOKK) and the Association of Cyprus Real Estate Appraisers (SEEAK).
Source: The Liberal