Since 1970
Call us: +357 (24) 822 870 // www.palourtis.com

Newsletter

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 28 May 2020 Coronavirus Anastasiades outlines millions to be pumped into the economy updated

    Fortunately, the government is proceeding with helpful measures in order for... read more

  • 26 May 2020 The elite are snapping up pandemic passports so they can escape to safer countries

    Millionaires are looking to escape to a safe country with good medical... read more

  • 14 May 2020 CASINO RESORT Construction work resumes

    Construction work on the City of Dreams Mediterranean casino will resume on... read more

  • 11 May 2020 KEVE All the details of the business and employee support measures

    To deal with the effects of the crisis on the coronaire after their approval... read more

  • 13 March 2020 THE RECONSTRUCTION PLAN OF THE LARNACA MARINA

    The Larnaca Port & Marina Master Plan will become a great resource for the... read more

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 28 May 2020 Coronavirus Anastasiades outlines millions to be pumped into the economy updated

    Fortunately, the government is proceeding with helpful measures in order for... read more

  • 26 May 2020 The elite are snapping up pandemic passports so they can escape to safer countries

    Millionaires are looking to escape to a safe country with good medical... read more

  • 14 May 2020 CASINO RESORT Construction work resumes

    Construction work on the City of Dreams Mediterranean casino will resume on... read more

  • 11 May 2020 KEVE All the details of the business and employee support measures

    To deal with the effects of the crisis on the coronaire after their approval... read more

  • 13 March 2020 THE RECONSTRUCTION PLAN OF THE LARNACA MARINA

    The Larnaca Port & Marina Master Plan will become a great resource for the... read more

Cyprus property prices up Q3 2016

   

THE TWENTY-EIGHTH edition of the RICS Cyprus Property Price Index reports that the average price of residential apartments and houses across the island rose by 0.9% and 0.6% respectively during the third quarter of 2016. During the third quarter of 2016 the Cyprus economy showed further signs of stability, with the economy’s performance being better than expected and tourism mildly outperforming forecasts. Unemployment remained at relatively high levels, on a downtrend to ca 13% (from the high levels of 17%). Given prevailing economic conditions and the turbulence in the Cyprus banking system, there were relatively few transactions during the quarter although volume was higher on a year on year basis. Local buyers in particular were the most discerning as unemployment and high debt for locals maintained lack of interest. Furthermore, those interested are trying to access bank-finance. Property prices The Cyprus Property Price Index has recorded increases in almost all cities and asset classes, with significant increases being recorded in Larnaca area, whilst other cities are progressively bottoming out. Limassol recorded the largest quarterly increase in apartment prices (1.4%), while the largest rise in house prices (1.77%) was recorded in Paphos. The values of holiday homes rose 1.6% for apartments and 0.4% for houses.

Cyprus property price districts

Compared to the third quarter of 2015, apartment prices have risen 0.6%, house prices have risen 0.9%. Prices for offices and retail have risen 0.9% and 0.8% respectively, while warehouses have remained stable. Since RICS (Cyprus) launched its property price index in the fourth quarter of 2009, the value of residential apartments has fallen by 39%, while the value of residential houses has fallen by 28%. (Anecdotal evidence suggests that the value of holiday properties has fallen considerably more than those of residential properties.) Rental values Across Cyprus, on a quarterly basis rental values increased by 0.7% for apartments, 3.3% for houses, 2.2% for retail, 1.1% for office and 3.5% for warehouses. Compared to the third quarter of 2015, apartment rental values have risen 5.3%, house rental values have risen 6.7%. Rental values for retail, offices and warehouses are up 3.9%l, 3.5% and 2.5% respectively. The majority of asset classes and geographies are bottoming out and are showing some signs of price stability. Gross yields At the end of the third quarter of 2016, average gross yields stood at 4% for apartments, 2.0% for houses, 5.4% for retail, 4.4% for warehouses, and 4.5% for offices. The parallel reduction and/or stabilisation in capital values and rents is keeping investment yields relatively stable and at low levels (compared to yields overseas). This suggests that there is still room for some re-pricing of capital values to take place, especially for properties in secondary locations.

Read more at: http://www.news.cyprus-property-buyers.com/2017/01/31/cyprus-property-prices-q3-2016/id=00152109
Copyright © Cyprus Property News