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Real Estate Pricing Trends & History

To assess real estate sale and rental price fluctuations, we need to look no further than the RICS Cyprus Property Price Index, which first took hold almost a decade ago.

According to the latest edition of the index released in August, Q1 of 2017 saw the average price for houses throughout Cyprus rise by 2.3%, while apartment prices grew by 1.3%.

Yet comparing the numbers from back in 2009 with those from this year paints a clearer picture.


Region

Property

2009 Avg. Price (Euro)

2017 Avg. Price (Euro)

Change

Limassol

Housing

Apartment

Office Space

Retail Space

Warehousing

496,250

177,978

600,000

709,722

2,700,000

324,032

113,229

417,681

464,700

1,705,199

-34.70%

-36.38%

-30.39%

-34.52%

-36.84%

Nicosia

Housing

Apartment

Office Space

Retail Space

Warehousing

523,438

171,155

758,000

1,079,167

2,280,000

381,986

109,900

547,724

520,678

1,155,976

-27.02%

-35.79%

-27.74%

-51.75%

-49.30%

Larnaca

Housing

Apartment

Office Space

Retail Space

Warehousing

438,750

184,492

480,000

641,667

1,933,333

293,066

126,122

315,187

298,478

1,327,007

-33.20%

-31.64%

-34.34%

-53.48%

-31.36%

Paphos

Housing

Apartment

Office Space

Retail Space

Warehousing

460,417

154,917

523,333

602,778

1,405,000

386,679

97,341

330,663

281,220

1,079,757

-16.02%

-37.17%

-36.82%

-53.35%

-23.15%

Famagusta

Housing

Apartment

Office Space

Retail Space

Warehousing

412,500

153,790

337,500

408,333

1,200,000

320,916

83,626

215,127

215,987

827,862

-22.20%

-45.62%

-36.26%

-47.11%

-31.01%

All

Housing

Apartment

Office Space

Retail Space

Warehousing

466,271

168,466

539,767

688,333

1,903,667

341,336

106,044

365,276

356,213

1,219,160

-26.79%

-37.05%

-32.33%

-48.25%

-35.96%

Looking even further back, it’s worth noting that residential housing and apartment pricing grew by over 50% in early 2006, and the same trend repeated itself in mid-2008, but the real estate market crisis that soon followed resulted in a 9.4% fall by the end of 2010.

The key takeaway is that real estate prices are still rising gradually and will continue to do so as they reach back towards their former levels from almost a decade ago.

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