Facebook Linked In Twitter

Anastasiades: COLA Is Making Up For The Loss Of Income To Some Extent

"Don't Forget Cyprus", Greek Premier Tells US Congress In Historic Address



brought to you by Deloitte

Apartments Keep Pushing Residence Prices Up

Apartments Keep Pushing Residence Prices Up

Residential property prices in Cyprus continued to rise in Q3 2021, primarily driven by apartment purchases, according to Residential Property Price Index released by the Central Bank of Cyprus (CBC).

The Index recorded a quarterly increase of 0.5% compared to 0.3% in the Q1 2021, while on an annual basis the index recorded an increase of 1.2% compared to 0.3% in the corresponding quarter of the previous year.

House prices in the third quarter decreased in many areas, both on a quarterly and annual basis, contrary to the increase in apartment prices.

Specifically, house prices decreased on an annual basis by 0.3%, while on a quarterly basis the prices recorded a small increase of 0.3% mainly due to increases in the Larnaca and Paphos districts. On the contrary, apartment prices increased by 1% on a quarterly basis and by 4.5% on an annual basis.

According to the CBC analysis, households seem to prefer apartments as their main residency due to the new realities in the market and specifically due to the subsidization of the interest rate for mortgages by the government and the increase in rental prices. The increase in the cost of construction materials continues to contribute to the increase of the price level, says CBC, since it is now apparent in all sectors of the construction activity. According to unofficial estimates by real estate market experts, the demand for real estate by foreign investors is stable and concerns real estates of lower value compared to previous years, due to the termination of Cyprus citizenship by investment program.

During the third quarter of 2021, residence prices increased on a quarterly basis in all districts except of Nicosia, where they remained stable. Specifically, an increase of 0.1% was recorded in Limassol, a 1.7% increase in Larnaca, 1.6% in Paphos and 0.6% in Famagusta.

On an annual basis residence prices increase in Limassol, Larnaca and Paphos while they decreased in the other districts. Specifically, in Limassol house prices increased by 2.9%, in Larnaca by 2.9% and in Paphos by 1%. On the contrary, in Nicosia and Famagusta prices continue their downward trend, showing a decrease of 1.2% and 0.7% respectively on an annual basis.

On a quarterly basis, house prices recorded increases in all districts except Nicosia and Limassol. Specifically, in Larnaca, Paphos and Famagusta the prices increased by 2.1%, 1.5% and 0.7%, respectively. Contrary, both in Nicosia and Limassol house prices fell by 0.3%. On an annual basis, house prices fell in all districts except Limassol and Larnaca where they rose by 2% and 2.1% respectively. House prices in Nicosia decreased by 3%, in Paphos by 0.2% and in Famagusta by 2.6%.

Apartment prices increased in all districts on a quarterly basis except of Famagusta, where they decreased by 0.2%. Specifically, in Nicosia they increased by 0.7%, in Limassol by 0.8%, in Larnaca by 0.7% and in by Paphos 1.7%. On an annual basis, apartment prices increased in all districts. In Nicosia the prices increased by 2.4%, in Limassol by 3.9%, in Larnaca by 5.5%, in Paphos by 3.6% and in Famagusta by 4.9%. 

According to the CBC, the continuing increase in residence prices is mainly due to domestic demand. At the same time, according to unofficial estimates by real estate market experts, external demand is stabilizing, although it remains low and concerns lower value real estates. The demand from foreign investors may be due to the promotion of international headquartering for high-tech companies, as well as to the permanent residency program.


Recovery In Real Estate Prices Continues

Recovery in real estate prices continued in the fourth quarter of 2021, driven mainly by ...

Delfi Partners Enters The Italian Real Estate Market

With a new office situated in Milan, Delfi Partners proudly enters the Italian real ...

New Trilogy Sales Office by Cybarco

Having entered the final stretch before the completion of Trilogy’s first phase, ...



Anastasiades: COLA Is Making Up For The Loss Of Income To Some Extent

The cost-of-living adjustment (COLA) is making up for the loss of income to some extent, Cyprus’ President, Nicos Anastasiades said on Tuesday ahead of a ...

EU Forecasts For Cypriot GDP In 2022 And 2023 In Line With Our Forecasts, Finance Ministry Says

The European Commission forecasts for Cypriot GDP for 2022 and 2023, at 2.3% and 3.5% respectively, are in line with the latest forecasts of Cyprus Ministry of ...

"Don't Forget Cyprus", Greek Premier Tells US Congress In Historic Address

Greek Prime Minister Kyriakos Mitsotakis asked on Tuesday the US Congress not to forget Cyprus in a historic address he delivered.

Cyprus Innovation Awards 2022

The submission of applications for the Cyprus Innovation Awards 2022 has just begun. If your company or organization has successfully implemented an ...

Launch Of Tobacco Heating Product gloTM from BAT In Cyprus, With Benefits For The Local Economy And Society

The tobacco heating product gloTM is being launched in Cyprus by BAT, a leading, multi-category consumer goods business. This move is expected to make a ...

MoU On Cooperation Between The Deputy Ministry Of Research, Innovation And Digital Policy And Amazon Web Services

The Deputy Ministry of Research, Innovation and Digital Policy signed today, at the Presidential Palace, a Memorandum of Understanding with Amazon Web Services ...

Fire Safety Week by CNP ASFALISTIKI and Cyprus Fire Service

For the 21st consecutive year, CNP ASFALISTIKI and Cyprus Fire Service, join forces in the common effort that aims to prevent fires and deal with them. ...

GOLD Magazine Presents The Limassol Issue

Many of GOLD’s readers and advertisers are based in Limassol, the island’s leading international business centre, where world-renowned international firms ...