Property prices rise in Q4 in all categories, RICS says

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By Stelios Orphanides

Residential property prices rose in the fourth quarter of last year a quarterly 0.8 per cent for houses and 1.4 per cent for flats, the Cyprus branch of the Royal Institute of Chartered Surveyors (RICS) said.

The highest quarterly increase was in Larnaca and Nicosia where apartment and house prices rose 2.7 per cent and 1.4 per cent respectively in October to December compared to the quarter before, RICS said in an emailed statement on Tuesday.

In the fourth quarter, house and apartment prices rose island-wide an annual 7.1 per cent and 4.3 per cent respectively in the fourth quarter, RICS said. The increase resulted mainly from an 11 per cent increase in the price of flats and 13 per cent in that of houses in Limassol which beat all other districts.

Prices for retail space rose 0.1 per cent in last quarter of 2017 compared to the quarter before, 0.8 per cent in the case of warehouses and 1.1 per cent in the case of offices, the institute said. Compared to the respective quarter of 2016, prices for shops, warehouses and offices rose 3.1 per cent, 4.5 per cent and 8.3 per cent.

Prices for retail properties rose the most in Limassol in October to December compared to July to September, while in the case of warehouses and offices the highest increases were in Nicosia with 3.7 per cent and Paphos with 2 per cent respectively.

In the fourth quarter of last year, prices for retail properties, warehouses and offices rose an annual 3.1 per cent, 4.5 per cent and 8.3 per cent spearheaded by a respective 5.5 per cent annual increase in the Famagusta area, 9.3 per cent and 18 per cent in Nicosia, RICS said.

Rents rose in the fourth quarter in the case of flats a quarterly 2.9 per cent island-wide and an annual 14 per cent while in the case of houses the increase was 1.9 per cent and 8.2 per cent, RICS said. Retail space prices rose a quarterly 0.6 per cent and an annual 5.9 per cent, for warehouses 0.2 per cent and 1.8 per cent, and offices 2.5 per cent and 19 per cent respectively.

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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • A is B

    Soon they will fall.

    • Vaso

      That’s your wish I suppose!

      • A is B

        Not at all Vaso, what goes up usually comes down.

        • Vaso

          Your attempt at being impartial is really not working!

          • A is B

            Why, I honestly mean it, dont forget that I live here too and want the best for the country, we should talk over coffee.

          • Vaso

            Lol

  • Douglas

    Positive outlook but until the NPL issue is resolved we will not have stability in property prices.

  • Vegchef

    There must be a good reason for the constant increase in property prices and rents other than seeking to rent to rich Russians or Chinese. I think prices are reaching the point where ordinary citizens will not be to afford to buy or rent.

    • Yes wages have stagnated. We had the crisis as the excuse but it didn’t effect house prices 😉

  • JS Gost

    I can smell the BS. They now know the passport scheme is coming to an end, lets wait to see the real figures.

    • Σπασοκλαμπάνιας

      So the BRITISH RICS institute is somehow conspiring with whom exactly to make us all believe that rents are rising when in fact (according to your …reasoning) are stagnant or even dropping?
      LOL, stupid is strong with this one!

      • JS Gost

        The same RICs Cyprus (read the article) that does not investigate most complaints, allows it’s surveyors to give bad surveys to steal buyers (as they are estate agents as well) and receive bribes to increase property values for mortgages. Also, is this the same RICS that has called for more transparency at the Land Registry because of the small amount of real data that is available, the same data they used to compile this report. Stupid is strong in the one that believes everything he reads in one newspaper.

        • Σπασοκλαμπάνιας

          Yes, clearly it is a conspiracy perpetrated on a global scale!
          The rents are actually stagnating and all renters are spoiled for choice!
          Meanwhile on planet Earth…

    • Jack

      The real figures are higher especially in Nicosia