Annual Growth in Cyprus Real Estate Prices Reaches Around 10%

Real estate prices in Cyprus are steadily rising, as confirmed by the price and rental index report from the Cyprus branch of the Royal Institution of Chartered Surveyors (RICS). According to data for the first quarter of 2024, the average housing prices in Cyprus have increased by 10%.

Property Price Growth by Category

On an annual basis, property prices have increased as follows:

• Apartments: 9.3%

Prices for apartments have risen by 9.3% year-on-year. This significant growth reflects the high demand and attractiveness of apartments for both local residents and foreign investors.

• Houses: 5.49%

Houses remain popular among buyers seeking comfortable living spaces for permanent residence or vacation.

• Warehouses: 3.75%

This increase indicates growing interest in commercial properties and the development of logistics infrastructure on the island.

• Office Spaces: 2.54%

The rise in office space prices points to stable demand from businesses and companies operating in Cyprus.

This distribution of price growth indicates a steady interest in various types of real estate in Cyprus.

Rental Prices Also Increasing

Not only has the sale price of real estate increased, but rental rates have also risen, averaging a 10.57% increase compared to the first quarter of 2023.

• Apartment Rentals: 7.44%

Apartments in Cyprus remain a popular choice among renters, supporting the growth in rental rates.

• House Rentals: 6.45%

Figures also show stable demand for long-term rentals of private houses in Cyprus.

• Office Rentals: 5.51%

Rental rates for office spaces have increased by 5.51%. The steady growth in office rental rates confirms the sustained demand for commercial real estate.

Why the Cyprus Real Estate Market Remains Attractive in 2024

The Cyprus real estate market continues to attract investors and buyers for several reasons:

• Consistent Price Growth

The steady increase in property prices confirms the market’s stability and reliability. An average annual growth of around 10% indicates high demand.

• Diverse Properties

The variety of property categories, from apartments and houses to commercial spaces and warehouses, meets the diverse needs of investors and buyers.

• Prospects for Profitability

Rising rental rates make real estate investments even more attractive. An average annual increase of 10.57% in rental rates indicates high investment returns.

• Legal and Tax Advantages

Cyprus’s attractive tax system and legal protection of property rights make real estate investments safe and beneficial.

• Investment Programs

The Cyprus government actively supports the real estate market through various investment programs, such as obtaining permanent residence by purchasing property.

The Time to Act is Now!

If you have been considering buying property in Cyprus, now is the time to take decisive action. Attractive conditions, steady price growth, and high demand make real estate investments in Cyprus not only profitable but also promising.

Don’t miss the opportunity to invest in real estate that promises comfort, profitability, and potential for further value appreciation and income generation!

Contact us to receive all necessary consultations and legal assistance in realizing your investment plans in Cyprus! We are happy to arrange a meeting at our office in Larnaca or online!