How have the prices of apartments, houses, and offices in Cyprus changed in the first and second quarters of 2023? Up-to-date figures have emerged.

The annual Real Estate Index was prepared by the experts of RICS Cyprus Property Index and KPMG in Cyprus. They regularly monitor the prices of major types of real estate and rents in all areas of Cyprus.

Year-over-year changes in property values 

In general, compared to last year, Cyprus real estate in the first and second quarters of 2023 has been increasing in price, and the prices rose the most for apartments:

  • Apartments went up by 10.97% in the first quarter, and by 12.11% in the second quarter.
  • Homes went up 8.48% in the first quarter, and 9.03% in the second quarter. 
  • Offices rose 9.63% in the first quarter and 8.46% in the second quarter.

Year-over-year change in rents

Compared to the previous year, rental values also showed an increase, although this growth slowed down slightly in the second year. Prices rose most of all for vacation apartments, as well as for residential properties (apartments and houses). 

  • Apartments rose 29.07% in the first quarter of 2023 and 18.99% in the second quarter.
  • Houses went up in price by 28.32% in the first quarter, and by 14.46% in the second quarter.
  • Vacation apartments were up 31.35% and 20.01%, respectively.
  • Offices increased in price by 14.13% in the first quarter, and by 8.30% in the second quarter.

Rental yields in Cyprus amounted to: 

  • From apartment rentals—5.37% in the first quarter, and 5.44% in the second quarter.
  • From house rentals—2.86% and 2.93% respectively.
  • From vacation apartment rentals—5.71% in the first quarter, and 5.73% in the second quarter.
  • From office rentals—5.35% and 5.39%, respectively.