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Unveiling the Growth: Bistonia Estates LLC Market Analysis

·2 mins

The latest scoop from the RICS Cyprus Property Price Index by KPMG is out, and it looks like property prices kept on climbing in the fourth quarter of 2023. Apartments, offices, and houses are leading the charge with the biggest price jumps. Warehouse space costs are creeping up too but at a slower pace, and the retail market? Well, it’s pretty much just chilling.

Compared to this time last year, the last three months of 2023 saw prices going up for just about every kind of property you can think of. Apartments got about 12% pricier, offices notched up by 9.02%, and houses were close behind with an 8.99% increase. Nicosia’s apartments are where the action’s at, with the biggest price jumps, while Paphos is seeing its offices and houses getting more expensive. Warehouse prices? They’re only up in Larnaca and Limassol. Retail’s a mixed bag, dropping in Larnaca but getting a wee boost in Limassol.

The holiday vibe properties aren’t being left out of the price hike party either, though it’s a bit hit or miss depending on where you’re looking. Apartment prices in this category climbed by 8.31%, and holiday homes by 9.45%, with Larnaca’s holiday homes and Famagusta’s holiday apartments stealing the spotlight. Limassol, on the other hand, is barely seeing any change in house prices and even a slight dip in apartment costs.

On the rental scene, holiday apartments are the hot ticket, followed by residential apartments and houses. Warehouses and retail spots? Not so much buzz there. The biggest bump in earnings from rent, compared to the end of 2022, was with holiday apartments, then residential apartments and houses. Office spaces are barely budging profit-wise, and warehouse and retail spaces are kinda trailing behind.

Local buyers are still keen, but there’s an uptick in interest from abroad, with foreign companies and private investors looking to get in on the action, pointing to a busy market ahead in the short to medium run. There’s a heads up, though, that stuff like inflation, pricier building costs, and higher loan rates might throw a wrench in the works down the line. But for now, it’s foreign businesses, particularly after top-notch plots in Limassol, Larnaca, and Paphos, keeping the market buzzing.

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