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RICS Cyprus Property index Q2 2016

Published on: 20 October 2016

RICS analysis of property prices in Cyprus as at 20/10/2016

During the second quarter of 2016 the Cyprus economy showed some 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 12% (from the high levels of 17%).
 
 
The 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.
 
Across Cyprus, on a quarterly basis rental values increased by 0.4% for apartments, 0.5% for houses, 1.5% for retail, 0.6% for office while warehouses rents decreased by 0.4%. Compared to Q2 2015, rents increased by 4.9% for flats, 4.9% for houses, 0.5% for retail and 5.2% for offices. Warehouses dropped by 1.2%.
 
The majority of asset classes and geographies are bottoming out, with areas that had dropped the most early on in the property cycle e.g Paphos, Famagusta and Larnaca are showing some signs of price stability. At the Q2 of 2016 average gross yields stood at 4% for apartments, 2.0% for houses, 5.3% for retail, 4.3% 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.

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About Urban Keys Real Estate & Chartered Surveyors

Headquartered in Nicosia, Cyprus and with a reach in all districts, Urban Keys Real Estate & Chartered Surveyors is a new venture with longstanding roots as real estate agents, property valuers and surveyors, offering consulting services to a wide range of clients and on all types of property matter – selling, buying, renting, leasing property throughout Cyprus.

Urban Keys is a young, fresh, dynamic and innovative agency. Our approach ensures the property sector in Cyprus is consistent to international standards, as well as made to suit a new generation, changing real estate market, and changing economy.

Urban Keys Real Estate & Chartered Surveyors
70, 28th October Avenue
Office 102, Engomi
2414, Nicosia, Cyprus.
Telephone:+357 22 27 00 19
Mobile:+357 99 43 44 51
E-mail:info 'at' urban-keys.com
Website:www.urban-keys.com

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