Property prices in Cyprus continue to rise. According to the report companies RICS Cyprus Property Index and KPMG in Cyprus, in the third quarter of 2023, apartment prices increased by another 9.5%, and, apparently, there are all the prerequisites for further growth.

In the third quarter of 2023, a further increase in residential property prices was recorded. Apartments are rising in price the fastest, followed by houses. The commercial real estate market also recorded a slight increase in prices.

As a result, apartment prices rose by 9.5%, houses by 6.94%, retail premises by 0.25%, warehouses by 5.78%, offices by 4.74%.

Property price chart in Cyprus

Let us remind you that in the first quarter of 2023, apartments in Cyprus rose in price by 10.97%, and by 12.11% in the second quarter.

Experts have named Larnaca as the busiest property market, while house prices in Nicosia and Paphos are rising at a slower pace.

A significant increase in housing prices was also recorded in Limassol and Famagusta. Interestingly, in October Limassol recorded a slight decrease in the number of registered transactions (by 1%) compared to the previous month. However, according to the Land Department, the largest number of transactions in the country in October was recorded in Limassol - 383. For comparison, just over 90 transactions were registered in Famagusta in October, and about 300 in Nicosia.

What is happening on the real estate market of Cyprus in 2023? Latest analytics on prices and demand

The cost of rental housing has also increased. In the third quarter, the prices for long-term rental apartments (+18.57%) and vacation apartments (+18.35%) grew most rapidly. The cost of renting houses increased by 12.8%, retail premises - by 3.78%, warehouses - by 2.55%, offices - by 7.45%.