PRESS RELEASE
RICS Cyprus Property Price Index with KPMG in Cyprus announces results of Q1 2022
[Nicosia, 26.05.2022] KPMG in Cyprus announces that the “RICS Cyprus Property Price Index with KPMG in Cyprus” has been issued for Q1 2022.
On behalf of KPMG in Cyprus, Christophoros Anayiotos, Head of Real Estate Industry Group stated:
“The first quarter of 2022 shows a continuance of the increasing trend in property values, with notable increases in Larnaca, apart from holiday apartments which showed a decrease. Slight decreases were observed also in houses in Nicosia, and retail in Nicosia and Paphos. The increasing construction costs together with the increases in inflation are expected to affect the property sector overall, however the actual effect remains to be noted over the forthcoming months”.
On behalf of RICS, Simon Rubinsohn, RICS Chief Economist, commented:
“For now, the real estate sector remains resilient, but the macro headwinds are adding a layer of uncertainty regarding the outlook which is likely to intensify as the year progresses. In particular, supply chain disruption will continue to exert upward pressure on inflation, and this is likely to be reflected in somewhat higher borrowing costs and a softer economy over the coming months. That said, the forward-looking sentiment indicators for both prices and rents from the RICS Cyprus Commercial Property Monitor are still relatively upbeat despite these challenges”.
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 850 professionals working from 6 offices across the island (Nicosia, Limassol, Larnaka, Pafos, Paralimni and Polis Chrysochous). 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 145 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.
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.
Our work with others provides a foundation for confident markets, pioneers, better places to live and work and is a force for positive social impact.
