Press Release
On behalf of KPMG in Cyprus, Christophoros Anayiotos, Board Member and Head of the Real Estate Industry Group, stated:
“In this third quarter of 2024, the index shows increasing signs of stabilization, recording only minor changes in most asset categories. Once again, apartments remain the leading category, whilst retail and warehouses are at the lower end. At the district level, Nicosia continues to show strength in residential apartments, joined by Paphos and Famagusta, which also demonstrate strong performance. In contrast, Limassol is experiencing a minor decline across all categories.
Rental values continue to rise, particularly in residential assets, while retail shows almost no increase. Overall, the index reflects increases in rental values compared to previous years, although property yields show very marginal movements”.
On behalf of RICS, Simon Rubinsohn, RICS Chief Economist, commented:
“Despite signs of a more stable trend in values as highlighted in the RICS Cyprus Property Price Index with KPMG in Cyprus, sentiment captured through the RICS Global Commercial Property Monitor still remains on balance positive. Occupier demand metrics are proving to be relatively resilient according to the feedback from respondents to the survey while investment enquiries actually appear to be picking up. Critically, there is a sense that credit conditions are improving which should help support the real estate market going forward.”
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 organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG operates in 143 countries and territories and has approximately 273,000 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, and better places to live and work and is a force for positive social impact.
