Apartments lead the way in sale and rent price hikes in Q2

Apartments led the way in sale and rent price hikes in the second quarter of 2022, according to the Ask Wire Index for property sale and rental values.

Across Cyprus, on a quarterly basis sale values increased by 2.9% for apartments, 0.5% for houses and 0.1% for offices, while sale values recorded a quarterly reduction by 0.3% for retail and 0.2% for warehouses.

Holiday apartments and holiday houses sale values rose by 2.2% and 0.6%, respectively in Q2 compared with the previous quarter.

Compared with the second quarter of last year, prices increased by 6.3% for apartments and 2.2% for holiday apartments, whereas prices for houses declined by 0.8%, 3.1% for retail, 5.6% for warehouses, 2.4% for offices, and 1.9% for holiday houses.

Larnaca stands out from the districts, as sale values of apartments continued to rise for the fourth quarter in a row (3.1% in Q2 2022).

Rental prices in Q2 2022 increased by 6.6% for apartments, followed by 5.0% for houses, 1.6% for offices, 0.5% for warehouses, whereas retail rental prices remained stable. Holiday apartments and holiday houses rental values increased by 5.7% and 3.7%, respectively.

On an annual basis, rental values jumped by 10.9% for apartments, 9.1% for houses, 8.0% for holiday apartments and 6.7% for holiday houses, and decreased by 3.3% for retail, 3.4% for warehouses and 2.6% for offices.

Famagusta stands out from the districts, as rental values of apartments had a significant increase after a year of stability and an increase of 3.4% in Q4 2021 (increased by 7.9% in Q2 2022).