KPMG in Cyprus announces that the "RICS Cyprus Property Price Index with KPMG in Cyprus" has been issued for Q3 2022.
On behalf of KPMG in Cyprus, Christophoros Anayiotos, Head of Real Estate Industry Group, stated:
"The third quarter of 2022 shows an endurance of the increasing trend in property values, with notable increases in Famagusta in almost all categories. The best performers are again Apartments, whilst Offices are making a comeback. Retailing and Warehouses exhibited minor adjustments, with minor decreases demonstrated in Paphos. The upward trend of construction costs has begun to slow down, albeit still at a high level, however increasing inflation and supply chain issues are still expected to affect the property sector overall".
On behalf of RICS, Simon Rubinsohn, RICS Chief Economist, commented:
"Although the real estate sector remains resilient for now according to the latest results, the more challenging the macro environment is, it is likely to gradually have some impact both on activity and pricing. That said, feedback to the RICS sentiment survey which complements this report suggests forward looking expectations have not materially shifted in the face of the uncertainty fuelled by the global energy crisis with demand indicators still showing a positive trend ".
The publications can be found on the RICS website https://www.rics.org/uk/news-insight/research/market-surveys/cyprus-property-price-indices/
About KPMG in Cyprus:
KPMG has been operating in Cyprus since 1948 and currently employs more than 800 professionals working from 6 offices across the island. It is a member of KPMG International Limited, a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG operates in 144 countries and territories and has approximately 236,000 people working in member firms around the world. Clients look to KPMG for a consistent standard of service based on high-order professional capabilities, industry insight, local knowledge and expertise.
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