CYPRUS PROPERTY PRICES ARE RISING
The RICS reports that property prices are rising. The average price of residential houses and apartments across the island rose by 1.6% and 1.5% respectively during the first quarter of 2017.
On an annual basis the Cyprus Property Price index showed increases in all cities with the most significant increases in Limassol, Nicosia and Larnaca. Paphos and Paralimni recorded smaller annual increases. Apartment prices rose by 6.2%, houses prices by 4.7%, office prices by 1.6%, warehouses by 0.2% and rental prices by 2.0%.
Rental prices are also on the rise. The recorded increase of rent prices compared to the second quarter of 2016 are 8.3% for apartments, 10.2% for houses, 6.8% for shops, 14.4% for offices and 4.2% for warehouses.