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Cyprus property prices on the rise
15 Nov

Cyprus real-estate prices are on the rise, according to the thirty-first publication of the RICS Cyprus Property Price Index, with apartment and house prices maintaining a steady growth

The largest increase was seen in Limassol, where the prices of both apartments and houses surged by 3.8%.

Holiday homes also increased in value over the first quarter of 2017, with holiday apartments rising by 2.6% and holiday houses by 1.9%. Limassol saw the biggest increase in holiday apartment prices at 4.2%, while Paphos saw the highest rise in holiday houses at 3.0%

In the second quarter of 2017, Cyprus’ economy showed further signs of stability, with a seasonally adjusted quarterly GDP growth of 0.9% and an annual seasonally adjusted GDP growth of 3.5%. Unemployment remained at relatively high levels, on a continued downward trend to around 10.8% (from the high levels of 17%).

Given dominant economic conditions and marginally improved confidence in the Cyprus banking system, there are relatively higher transactions during the quarter and improved market sentiment. Financial institutions, despite of their NPLs, have been more willing to provide access to finance and there is an increasing interest from locals.

On an annual basis the Cyprus Property Price Index recorded increases in all in all cities and asset classes, with significant increases being recorded in Limassol, Nicosia and Larnaca, whilst Paphos and Paralimni have shown smaller annual increases.

Apartment prices increased by 6.2%, houses prices by 4.7%, office prices by 1.6%, warehouse prices by 0.2% and retail prices by 2.0%

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