News – ANK Valuations

The RPPI (houses and apartments) increased by 0,3% in 2018Q2. This was the eighth consecutive quarterly increase. The house price index and the apartment price index recorded quarterly increases of 0,2% and 0,7%, respectively. The sub-indices of residential property prices by district have increased, with the exception of Paphos, which recorded a marginal decrease of 0,2% on a quarterly basis.

The RPPI increased by 1,7% on an annual basis in 2018Q2. All RPPI district sub-indices have recorded annual increases, with the exception of Paphos where prices remained approximately stable. The largest annual increase in house prices was recorded in Famagusta (4,6%) and in apartment prices in Limassol (6,1%).

The significant recovery of the real estate sector in Limassol seems to be related to increased demand in specific areas, mainly coastal. For the time being, spill-over effects in the non-coastal areas of Limassol do not appear to be significant.

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This is the thirty-fifth publication of RICS’ Cyprus Property Price Index, a quarterly price and rental index which is based on methodology produced by the University of Reading, UK. The Index tracks property and rental prices across all districts and main property types.

Introduction & Commentary

During the second quarter of 2018 the Cyprus economy showed further signs of recovery, with a seasonally adjusted quarterly GDP growth of 0.8% and an annual seasonally adjusted GDP growth of 3.9%. Unemployment dropped significantly to 7.3% from 10.6% a year ago and from the record high of 17,6% in 2015Q1. The improved confidence in the Cyprus banking system and the improved availability of finance have consequently assisted in a relatively higher transaction volume during the quarter, which further enhanced market sentiment. However, the issue of NPLs and DFAS by most banks continue to be present in the market.

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Central Bank Of Cyprus Residential Property Index Q2, 2018

RICS Cyprus Property Index Q2, 2018