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Property Values In Cyprus Continue Upward Trend In Q2 2022

Property Values In Cyprus Continue Upward Trend In Q2 2022

KPMG in Cyprus announces that the “RICS Cyprus Property Price Index with KPMG in Cyprus” has been issued for Q2 2022.

On behalf of KPMG in Cyprus, Christophoros Anayiotos, Head of Real Estate Industry Group stated, “The second quarter of 2022 shows a continuance of the increasing trend in property values, with notable increases in Larnaca and Famagusta. Apartments are the best performers, with notable increases in values, whilst retailing and warehouses exhibited minor decreases in values. Limassol district recorded zero changes probably indicating a stabilisation of values. The increasing construction costs together with increasing inflation remain issues that are expected to affect the property sector overall”. 

On behalf of RICS, Simon Rubinsohn, RICS Chief Economist, commented, “The economy remains relatively resilient for now although the recent trimming of the growth outlook by the Central Bank is indicative of the inevitable challenges resulting from the surge in energy prices. That said, feedback from respondents to the recently released RICS Commercial Property Monitor was still quite positive in terms of sentiment, and this is also reflected in the latest price data which shows increasing values across much of Cyprus. Significantly in both cases, housing and prime offices are still viewed as performing particularly strongly”.

The publications can be found on the RICS website.

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