The cost of renting apartments in Cyprus has increased

In the fourth quarter of 2023, the cost of renting apartments in Cyprus increased by 11.1% year-on-year.

The Cypriot real estate analytics company, Ask Wire, published a report describing the indicators of the local real estate market for the fourth quarter of 2023, including sales and rental prices.

According to the report, the cost of renting increased, while there was a slight decrease in the cost of house sales.

Compared to the fourth quarter of 2022, the rental price of apartments increased by 11.1%, houses by 8.0%, retail properties by 4.9%, offices by 9%, vacation apartments by 8.4%, and holiday homes by 4.8%.

In quarterly terms, the cost of renting apartments increased by 0.7%, while for other types of properties, it remained stable.

Year-on-year, prices for apartments increased by 8.8%, houses by 3%, offices by 4.2%, vacation apartments by 4.9%, and holiday homes and warehouses by 4.8%.

In quarterly terms, the cost of apartments increased by 0.5%, while the sales price of warehouses remained stable. The cost of houses decreased by 0.3%, commercial spaces by 0.6%, office spaces by 0.5%, vacation apartments by 0.8%, and holiday homes by 0.2%.

Additionally, the company explained that although the market is currently stable, it is expected that demand for residential real estate will further weaken in the first quarter of 2024.

"The demand for real estate is influenced by political unrest in the region, inflation eating into household disposable income, and increased mortgage rates," noted Ask Wire's General Director Pavlos.

It was previously reported that short-term property rentals are becoming increasingly popular in the Republic of Cyprus. Recently, this method has become the primary choice of accommodation for both travelers and locals.