Cypriot property prices are continuing to climb, with Limassol and Larnaca leading the way.
The latest RICS Property Price Index confirms that the island’s housing market is steadily recovering, with house and apartment values up 0.7 per cent and 1.7 per cent respectively in the fourth quarter of 2016.
The RICS index ranked Larnaca as the best performing city, with apartment prices up 3.3 per cent, while Limassol enjoyed the strongest house price growth of 1.8 per cent. On an annual basis, apartment prices rose 3.7 per cent and house prices rose 3.4 per cent. Since RICS began its Cypriot index in 2009, apartment and hosue prices have fallen 38 per cent and 28 per cent respectively. As of 2016 and 2017, though, the market is certainly enjoying an upward trend.
Indeed, the country’s economy is showing stability, with GDP growing 0.7 per ceent in Q4 2016 an 2.9 per cent over the course of the year, which is helping to fuel confidence in the country’s market. Transactions also increased in the fourth quarter.
The RICS figures echo the positive sentiment from the country’s Central Bank too, which reports that property prices rose 0.3 per cent in the fourth quarer of 2016, the second quarterly rise in a row. According to the bank, Limassol and Nicosia led growth with 0.5 per cent rises each, followed by Famagusta (0.2 per cent). Paphos and Larnaca, however, saw property prices dip 1.1 per cent 0.7 per cent respectively.
