KPMG in Cyprus announces that the “RICS Cyprus Property Price Index with KPMG in Cyprus” has been issued for 2024 Q2.

On behalf of KPMG in Cyprus, Christophoros Anayiotos, Head of the Real Estate Industry Group, stated:

“According to the index for the second quarter of 2024, the market has shown increases when comparing with last year’s price index, apart from Retail which appears the least favourite asset during this period. On a quarterly basis, there is an interestingly visible variation between districts. Apartments seem to be a favourite asset across all districts, however the highest category increase is recorded in Nicosia Houses. Marginal increases are also recorded in Warehouses and Offices, whilst Retail recorded decreases, with the highest fall arising in Larnaca. The best performing district was Nicosia, while Limassol and Larnaca recorded decreases in most asset categories. Paphos and Famagusta recorded a few slight increases and remained stable in most asset pricing.

Rental values continued to exhibit increases, with Offices in the lead, and the residential sector properties (apartments, houses) following closely. Overall, the Index this quarter continues the rental value increase from previous quarters; however, it records a slowdown in some categories.

On behalf of RICS, Simon Rubinsohn, RICS Chief Economist, commented:

“Despite the flatter picture evident in the latest assessment of real estate prices in Cyprus, the macro backdrop remains generally supportive. Growth forecasts are on balance being revised upwards after a strong start to the year and although inflation has broken above the target in recent months, it should gradually return to the 2% area. Moreover, higher investment and positive demographics are likely to improve the longer-term prospects for the economy”.

The publications can be found on the RICS website https://www.rics.org/news-insights/market-surveys/cyprus-property-price-index

About KPMG in Cyprus:

KPMG has been operating in Cyprus since 1948 and currently employs more than 800 professionals working from 6 offices across the island. It is a member of KPMG International Limited, a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG operates in 143 countries and territories and has approximately 273,000 people working in member firms around the world. Clients look to KPMG for a consistent standard of service based on high-order professional capabilities, industry insight, local knowledge and expertise

About RICS:

We are RICS. Everything we do is designed to effect positive change in the built and natural environments. Through our respected global standards, leading professional progression and our trusted data and insight, we promote and enforce the highest professional standards in the development and management of land, real estate, construction and infrastructure.

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