Ask Wire, the tech-informed real estate company that monitors transactions, asking prices, and construction activity across Cyprus, has published its Q2 2024 edition of the Ask Wire Index for property sale and rental values. The Ask Wire Index covers all districts and main property types, with values from Q4 2009.

Across Cyprus, on an annual basis, prices increased by 3.5% for apartments, 1.0% for offices, and 0.6% for holiday apartments. Prices remained stable for houses and warehouses, with a decrease of 0.6% for commercial properties and 0.2% for holiday houses. Overall, on a quarterly basis, values remained stable except for a slight decrease of 0.1% for houses. In terms of prices, stability was noted across all districts.

In terms of rental values, compared to Q2 2023, there was an increase of 5.0% for apartments, 0.1% for houses, 0.8% for retail, 3.2% for offices, 2.5% for holiday apartments, and 0.3% for holiday houses. There was a decrease of 1.3% in warehouse rents. On a quarterly basis, rental values increased by 1.5% for apartments and decreased slightly by 0.2% for warehouses, remaining stable for the rest of the properties.

Pavlos Loizou, CEO of Ask Wire, commented that “persistent geopolitical risks and ongoing conflicts destabilize the construction supply chain, raising construction costs. Sustained high interest rates further impact the affordability and demand for residential properties, especially in the middle to lower market segments. These factors, coupled with regional unrest, continue to influence overseas real estate demand, accelerating price impacts. High mortgage rates are likely to persist, reducing locals' buying power and stabilizing market prices as demand adjusts. Moving into the third quarter of 2024 and beyond, we anticipate a slowdown in property prices for opportunistic investments. The convergence of high interest rates, elevated construction costs, and regional unrest is expected to significantly affect market stability and shape long-term investment decisions.”

For a breakdown of movements in sale and rental values by district, visit https://ask-wire.com/insights/.