The Royal Institute of Chartered Surveyors just released the latest figures for the Cyprus property market. Read on to find out how the market changed in value in the first quarter of 2023.
So, what’s new on the Cyprus property market?
Houses and apartments remain the most popular property types in Cyprus, increasing in market value by 8.5% and 11%, respectively (year-on-year change). Retail properties increased for the first time in years by 0.95%, regaining a position not seen since late 2020.
Holiday homes (apartments and houses) saw the highest increase in the first quarter of 2023, which is unsurprising as Cyprus remains a super-popular destination for international buyers.
At a regional level, Larnaca saw the largest increase in both holiday apartments and holiday homes, while prices in Limassol and Paphos remained stable. Prices for holiday homes in Cyprus have been on the rise for the last couple of years and show no signs of slowing.
Rental values have also increased, with holiday apartments and residential sector properties (apartments, houses) exhibiting the largest increases.”
Aerial view of Larnaca harbour
Find homes in Larnaca via our property portal.
The rising popularity of Larnaca
The value of houses and apartments saw increases in all areas, with Larnaca seeing the largest rise by 3.93% and 2.47%, respectively. This is more than the capital, Nicosia, and favourite holiday home area, Paphos.
Head of Real Estate Industry Group, Christophoros Anayiotos said, “The best performing asset class is Houses with overall increases in all areas. However, the highest increases were recorded in Larnaca.”
If you’re new to Larnaca, it’s a city on the southeast coast of Cyprus. Larnaca has so much to offer for locals, from the sandy beaches to the vibrant nightlife, there’s something for everyone in Larnaca. The area itself is known for its laidback lifestyle, resort towns and pleasant Mediterranean climate that means its sunny for most of the year.
Learn more about wonderful Larnaca today
Kato Drys village. Larnaca District, Cyprus.
The Cypriot economy
Speaking about the Quarter 1 performance of the Cyprus property marker, RICS chief economist, Simon Rubinsohn said, “the resilient performance of the economy is reflected not just in this dataset but also in the generally positive feedback to the RICS sentiment survey of real estate in the country.
That shows occupied demand in most areas continuing to grow over recent months and that rental expectations largely remain upbeat helping to support the appetite of investors.”
Coming off the back of this data, the Cypriot economy expanded 0.8% in the first quarter of 2023, easing from a downwardly revised 0.9 per cent growth in the final quarter of 2022. While this is the lowest rate seen this year, the GDP growth rate remains higher than the June 2021 low.
