Paphos People

Paphos rental prices take off as Cyprus properties continue upward trend

Cypriot fintech Ask WiRE on Monday released its latest property market report, concerning the third quarter of 2022, during which time real estate prices continued to rise, with the Paphos district standing out due to its sharp rise in rental prices.

“The influx in population due to in-migration over the first three quarters of 2022 and pent-up demand over the past couple of years continues to drive the residential market,” Ask WiRE CEO Pavlos Loizou said.

“However, we are seeing signs of a pull-back in investor appetite due to the higher cost of credit and availability of other investment opportunities in bonds, stocks, etc,” he added.
According to the report, property sale values increased by 3.9 per cent for apartments across Cyprus on a quarterly basis.

They also increased by 1.1 per cent for houses, and 0.6 per cent for offices, while they decreased by 0.3 per cent for retail space and 1.5 per cent for warehouses.

In terms of holiday apartments and holiday houses, sale values increased by 1.9 per cent and 0.6 per cent respectively.

Moreover, on an annual basis, prices increased by 9.4 per cent for apartments, 1.4 per cent for houses, 3.9 per cent for holiday apartments and 0.4 per cent for holiday houses.

Conversely, property prices decreased by 1.9 per cent for retail space, 5.6 per cent for warehouses, and 0.4 per cent for offices.

“Limassol stands out from the districts, as sale values of apartments continued to rise for the fourth quarter in a row,” the report said, noting that these increased by 4.8 per cent during the third quarter of the current year.

Read more here:- https://cyprus-mail.com/2022/12/13/paphos-rental-prices-take-off-as-cyprus-properties-continue-upward-trend/

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Dave
Moira And Dave

“I know that you believe you understand what you think I said, but I'm not sure you realize that what you heard is not what I meant.”

Rental prices are getting crazy. There are two bed apartments in Universal being offered at €1,800 per month!!

If some mug pays that, then it drives the prices up for everyone else.

Twon main sets of incomers are pushing it up. Firstly the fx companies who want to keep their best staff are paying stupid rents for them and also the Ukrainians everyone rushed to help are here in their droves to push the prices up.

These are two very large new markets that the supply here was not really ready for.

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Straight talking, no Gimmicks.

Live your dreams.