Property values in Cyprus continue to vary

According to WiRE’s Q2 statistics, the consequences of the coronavirus epidemic are still being felt in the Cyprus Real Estate market, with sale prices down quarterly across all property categories.

With a few exceptions, the same holds true for rental pricing.

The yearly decline in commercial property sale and rental prices observed in the second quarter is particularly evident.

The prices of most residential homes increased on a yearly basis.

Apartment prices decreased 0.14 percent in a quarter, houses 0.36 percent, commercial properties 0.85 percent, warehouses 0.33 percent, office space 0.62 percent, holiday apartments 0.38 percent, and holiday homes 0.95 percent.

Limassol stands out among the districts, with apartment prices rising for the fourth quarter in a row (approximately 2.5 percent in Q2 2021), offsetting a large decline in Q1 and Q2 of 2020.

Prices for commercial buildings and warehouses fell by 5.1 percent and 4 percent, respectively, year on year.

Rental rates for flats in Cyprus fell by the least amount, by 0.05 percent, when compared to the previous quarter.

Rental prices for residences fell by 1.6 percent, commercial properties fell by 2.10 percent, warehouses fell by 0.94 percent, office space fell by 0.41 percent, vacation apartments fell by 0.59 percent, and holiday homes fell by 1.50 percent.

Paphos experienced the most dramatic reduction in rental rates across all property categories on a yearly basis.

Holiday houses and commercial properties had the greatest decline, at 5.5 percent and 8 percent, respectively.

“The sluggish progress achieved in improving the country’s epidemiological profile has festered uncertainty,” stated Pavlos Loizou, Managing Director of WiRE FS.

“While we have seen an uptick in the number of transactions compared to the first half of 2020, we are still a long way from witnessing a return to stability, much alone a market uptake.”

WiRE FS produces a quarterly index that tracks sales and rental prices in all areas of Cyprus and for all property categories.

Property price changes as a percentage every three months (Q2 2021 with Q1 2021)

Property TypeSale PricesRental Prices
Office spaces-0.62%-0.41%
Holiday apartments-0.38%-0.59%
Holiday houses-0.95%-1.50%
Source: WiRE Price and Rental Index, WiRE FS

Property price changes by a percentage on an annual basis (Q2 2021 with Q2 2020)

Property TypeSale PricesRental Prices
Office spaces-0.80%-3.60%
Holiday apartments0.80%0.40%
Holiday houses-3.80%-5.50%
Source: WiRE Price and Rental Index, WiRE FS

WiRE Price and Rental Index; WiRE FS

Further reading

WiRE Index: Q2 2021