RICS Cyprus Property Price Index Q4 2024: Market Stabilizes Amid Varied Shifts

The RICS Cyprus Property Price Index with KPMG in Cyprus has released its latest findings for the fourth quarter of 2024, providing a snapshot of prevailing property and rental trends in key urban regions across the Republic of Cyprus.

According to Christophoros Anayiotos, Board Member and Head of Real Estate Industry Group at KPMG in Cyprus, the market is primarily stable, with minimal changes in values for most asset types. Limited fluctuations were noted mainly in warehouses and apartments—particularly in Paphos and Nicosia—while Limassol, Larnaca, and Famagusta showed no significant increases. Retail properties, meanwhile, recorded slight declines in pricing.

Rentals continue to grow overall, especially for offices, trailed by residential assets. However, retail and holiday apartments have seen marginal decreases. These trends have led to moderate changes in yields, with office yields inching up and holiday apartments dipping slightly.

Investor Sentiment and Macroeconomic Influence

On behalf of RICS, Simon Rubinsohn (Chief Economist) underscored that the current flattened pattern aligns with feedback from the RICS Commercial Property Monitor, which gauges sector confidence. Foreign buyer interest and investment inquiries have evened out. Despite global uncertainties, broader macroeconomic resilience in Cyprus is helping sustain local property activity.

Year-on-Year Market Value Highlights

Compared to the same period last year, apartments lead with the largest price uptick, while offices also show a notable rise. Houses and warehouses remain stable with slight growth, whereas retail has experienced another mild downward movement.

• Apartments: +3.39%
• Houses: +0.95%
• Retail: -0.21%
• Warehouses: +0.96%
• Offices: +1.74%

Holiday Home Values

Both holiday apartments and houses saw slight increases over the past year, though holiday apartments grew marginally faster.

• Holiday Apartments: +0.43%
• Holiday Houses: +0.25%

Rental Values

Overall rental rates continue to edge upward year-on-year, with the most prominent growth observed in offices, followed by holiday houses. However, retail and holiday apartments both noted modest declines.

• Apartments: +2.01%
• Houses: +2.29%
• Retail: -1.08%
• Warehouses: +1.37%
• Offices: +4.05%
• Holiday Apartments: -1.39%
• Holiday Houses: +2.30%

Shifts in Rental Yields

Yields have barely moved compared to last year. Offices posted a slight gain, while holiday apartments edged down.

• Apartments: -0.07%
• Houses: +0.04%
• Retail: -0.05%
• Warehouses: +0.02%
• Offices: +0.13%
• Holiday Apartments: -0.11%
• Holiday Houses: +0.04%

Index Coverage and Methodology

This Index monitors property values and rental rates in Nicosia, Limassol, Larnaca, Paphos, and Paralimni-Famagusta, limited to government-controlled areas in the Republic of Cyprus. It focuses on offices, retail spaces, warehouses (industrial), and residential assets, with sub-district data aggregated to derive each category’s composite index.

The RICS Cyprus Property Price Index with KPMG in Cyprus employs data on hypothetical or ‘notional’ buildings. Values are based on Gross External Area as specified in the RICS’ Code of Measurement Practice, encompassing living space and covered verandas, excluding common areas.

Further Exploration

For a complete breakdown, visit The RICS Cyprus Property Index with KPMG in Cyprus. If you’re considering Cyprus real estate, you can also explore Cheap Houses and Villas for Sale Cyprus or browse different Apartments to find the right investment strategy for your goals.