Will rental property demand subside in Cyprus this year?
The research carried out by Global Property Guide in March found gross rental yields at 5.29% in Limassol, 4.78% in Nicosia, and 4.25% in Paphos. Overall, despite gradually improving lending conditions and slower growth of sales prices, local experts don't anticipate the demand for rental properties in Cyprus to subside this year.
What happened to housing prices in Cyprus in ?
In , housing prices in Cyprus continued to grow, reaching levels not seen in the market in over a decade, since before the banking crisis of -, although the pace of growth appears to be moderating.
What is the RICS Cyprus property price index?
A quarterly price and rental index that tracks property and rental prices across all districts and main property types in Cyprus. The RICS Cyprus Property Price Index is based on methodology produced by the University of Reading in the UK. Our professionals' input makes RICS surveys leading indicators in the industry.
How has the Cyprus housing market changed over the past two years?
Over the past two decades, the development of Cyprus's housing market has been marked by significant fluctuations. From to , the market experienced a substantial boom, with house price growth peaking at 22.1% year-on-year in Q4 (17.46% inflation-adjusted).
How many residential building permits were issued in Cyprus in ?
The Statistical Service of Cyprus (CYSTAT) reporting shows that 4,706 residential building permits were issued in Cyprus in , reflecting a 4.4% year-on-year decrease, a moderation compared to a 5.5% and 9.4% declines previously observed in and , respectively.
Will Cyprus' real estate market continue to stabilize?
Looking ahead, the consensus among the real estate experts in Cyprus is that the market will continue to stabilize, as growing supply is expected to balance the demand, leading to moderation of prices, if allowed by external factors.
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