Increase in real estate prices in all categories in the second quarter of 2017, shows the real estate price index of RICS (Royal Institution of Chartered Surveyors) Cyprus.

According to the results of 31 pointer version given today published the real estate price index has made increases annually in all cities and asset classes, with significant increases recorded in Limassol, Nicosia and Larnaca, while the Paphos and Paralimni have shown smaller annual increases.

Condo prices rose annually by 6.2%, 4.7%, residential cabinets by 1.6%, while smaller increases in stores (2%) and in warehouses (0.2%).

On a quarterly basis, prices of homes and apartments rose by 1.6% and 1.5% respectively with the largest observed in Limassol (3.8%).

In Larnaca the values for all categories remained stable on a quarterly basis.

Holiday home prices showed a quarterly increase nationwide, 2.6% for apartments and 1.9% for houses. Limassol presented the highest increase in vacation apartments, which peaked at 4.2% and the Paphos at country houses, with an increase of 3%.

Regarding the prices of rents, increased on a quarterly basis by 30% for apartments, 10% for homes, 20% for stores, 3.7% for offices and 0.7% for the warehouses.

Compared with the second quarter of 2016, rents rose by 8.3% for apartments, 10.2% for homes, 6.8% to 14.4%, the offices and 4.2% for the warehouses.

Increase in prices shows and the property price index of Central Bank but the price index of Statistics. As announced the Friday on an annual basis, housing prices recorded the second consecutive annual increase (1.1%) the second quarter of 2017. Condo prices recorded an annual increase of 3.3% and the prices of houses the first annual increase over the past seven years, in the order of 0.4%.

In accordance with the preliminary Eurostat estimate, the real estate price index for the second quarter of 2017 rose by 3.6% versus 2.4% growth in the first quarter of 2017.


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