Cyprus Property Price Index

Cyprus Property Price Index

RICS Cyprus today have published second Cyprus Property Price index. First publication was made in February 2010. This index records prices of properties and rental prices across Cyprus. It tracks prices of apartments, houses, retail properties, offices and warehouses.

 

Rental values across the island have dropped for apartments by 1.9%. For houses by 2.7% and for retail units by 1.5%. Rents for offices and warehouses surprisingly went up by a respective average of 1.0% and 2.7%.

 

The distribution of rents shows an interesting differencebetween the capital and the coastal cities. Rents for warehouse and office space in Nicosia increased by 10% and 12.5%, opposingthe drop in rents in all other cities. This can be attributed to a deficitof office spacesacross Nicosia, especially space that has large parking and is within easy accessfrom the highway. Same applies applies for warehouse propertiesas companies look for ways to lower their distribution costs by centralising their operations.

 

Average rent for an apartment in Paphos € 565, € 723 for a house, € 6,950 for retail space, € 6,050 for a warehouse and € 3,038 for an office

 

Average monthly rent  in Cyprus Q2 2010

 

Nicosia

Limassol

Larnaca

Paphos

Paralimni/

Famagusta

Apartments

€ 565

€ 553

€ 492

€ 457

€ 325

Houses

€ 723

€ 1,181

€ 770

€ 665

€ 486

Retail

€ 6,950

€ 4,305

€ 3,255

€ 2,317

€ 1,469

Warehouse

€ 6,050

€ 9,500

€ 8,750

€ 6,319

€ 7,500

Office

€ 3,038

€ 2,994

€ 1,655

€ 1,800

€ 1,300

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