Nov. 4, 2016
According to the company RICS, Cyprus economy begins to stabilize. In the second quarter of 2016, the flow of tourists exceeded the expectations of experts, and the sales of apartments and houses were more than last year.
In all cities there is a small growth of real estate prices. Bellwether is Larnaca. Apartments here rose in price by 1.1%. Private homes on one of the most popular resorts, the town of Paphos, increased in price by 1.1%. The cost of apartments in other resorts rose by 2.7%, houses – by 1.1%.
The increase in prices is typical for the rental market (+0.4% for flats and +0.5% for houses). Rent rates for commercial property also rose – retail premises rose by 1.5%, offices – by 0.6%. Rents for warehouses, in contrast, fell by 0.4%.
The profitability of the apartments in Cyprus reached 4%, detached houses - 2%, offices - 4.5%, retail premises – 5,3%, warehouses - 4.3%.
Based on the materials of news.cyprus-property-buyers.com