KPMG in Cyprus announces that the "RICS Cyprus Property Price Index with KPMG in Cyprus" has been issued for 2023 Q1.
On behalf of KPMG in Cyprus, Christophoros Anayiotos, Head of Real Estate Industry Group, stated:
"During the first quarter of 2023 the increasing trend in property values continued in most asset classes, with notable increases in Larnaca. The best performing asset class is Houses with overall increases in all areas. However, the highest increases were recorded in Larnaca, in Offices and Apartments. Retail displayed minor increases in Limassol, but also the largest drop of the quarter in Larnaca. 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 resilient performance of the economy is reflected not just in this dataset but also in the generally positive feedback to the RICS sentiment survey of real estate in the country. That shows occupied demand in most areas continuing to grow over recent months and that rental expectations largely remain upbeat helping to support the appetite of investors".
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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