KPMG in Cyprus announces that the "RICS Cyprus Property Price Index with KPMG in Cyprus" has been issued for 2022 Q4.
On behalf of KPMG in Cyprus, Christophoros Anayiotos, Head of Real Estate Industry Group, stated:
"During the last quarter of 2022 the increasing trend in property values continued in most asset classes, with notable increases in Paphos. The best performing asset classes are again Apartments, followed by Offices and closely by Houses. Retail and Warehouses displayed minor adjustments, apart from a sharp decline in Larnaca Retail. Rental values have also increased, with holiday apartments and residential sector properties (apartments, houses) exhibiting the largest increases - the same trend was also identified in property yields".
On behalf of RICS, Simon Rubinsohn, RICS Chief Economist, commented:
"The Cypriot economy continued to perform relatively strongly through the back-end of 2022 which helps to explain the continuing increase in real estate prices across the country as demonstrated by the Q4 index. Significantly, feedback to the RICS Global Commercial Property Monitor shows both occupier and investor demand remain firm for now. Some deceleration in the pace of economic growth is likely this year but forward-looking indicators from the Monitor suggest that Cypriot real estate prices will continue to move higher particularly for better quality assets.".
The publications can be found on the RICS website: https://www.rics.org/news-insights/market-surveys/cyprus-property-price-index
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 143 countries and territories and has approximately 265,000 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.
About RICS:
We are RICS. Everything we do is designed to effect positive change in the built and natural environments. Through our respected global standards, leading professional progression and our trusted data and insight, we promote and enforce the highest professional standards in the development and management of land, real estate, construction and infrastructure.
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