Rent increases show no signs of slowing down for all property types in Cyprus. According to the latest results from the Ask Wire Index, significant spikes were observed in the second quarter of 2023.
On an annual (and island-wide) basis, rental prices rose (compared to the second quarter of 2022) by 17.9% for apartments, 13.6% for houses, 6.8% for commercial properties, 1% for warehouses, 10.8% for offices, 16.5% for holiday apartments, and 13.9% for holiday homes.
Regarding property sales prices, there was an increase of 12.2% for apartments, 4.6% for houses, 4.4% for offices, 1.2% for commercial properties, 8.8% for holiday apartments, and 3.7% for holiday homes.
Comparing the rental prices from the first quarter of 2023 to the period between April and June 2023, there was a 5.6% increase for apartments, 6.2% for houses, 3.3% for commercial properties, 4.8% for offices, and 0.5% for warehouses. As for holiday apartments and homes, the rental prices increased by 3.3% and 3.2%, respectively.
Island-wide, on an annual basis, property prices in the 20 quarters of this year increased by 12.2% for apartments, 4.6% for houses, 4.4% for offices, 1.2% for commercial properties, 8.8% for holiday apartments, and 3.7% for holiday homes. Warehouse prices, however, decreased by 1.5%. On a quarterly basis, property values increased by 2.7% for apartments, 2.0% for houses, and 1.0% for commercial properties, and remained stable for warehouses. As for holiday apartments and homes, their prices increased by 3.0% and 1.2%, respectively.