The results of the first quarter of the Cyprus real estate market have been summed up

According to the index provided by Ask Wire, apartments in Cyprus have increased in price by 12.3% year-on-year, 3.1% for houses, 2.4% for offices, 8% for holiday apartments and 3.1% for houses for relax. Rents have also increased significantly compared to the first quarter of 2022. Prices for apartments increased by 19%, houses – by 12.2%, retail space – by 3.3%, warehouse space – by 1%, offices by 7.5%, holiday homes by 14.5%.

According to expert forecasts, for the second half of 2023, housing prices will remain stable, even against the backdrop of declining demand. At the same time, we can expect a reduction in the number of transactions, and investor activity in the commercial real estate sector will decrease.

Source link