Due to the fact that there’s a demand for residential realty on the coast, the prices for the real estate have jumped in the 4th quarter of the year 2016. That is stated by Division of RICS on Cyprus.



As RICS reports, the prices for apartment have advanced at the rate of 3.7 percent, if an annual growth is regarded.

In respect of the last 3 months of 2016, the costs for hotel staying have enlarged at zero point seven percent comparing to the aforegoing quarter, and at the rate of three point four percent in comparison with the analogous period of 2015.

People who dealt with the retail real estate faced the price increasing as well. RICS reports that there was growth at 1.5% in October to December, if regarded in comparison with Q3. Yearly increasing amounted to two point one percent.

The quarterly price jumping regarding warehouse value made zero point seven percent, and the annual rising is one point nine.

During the last quarter of 2016 the purchasers had to spend 2.3 percent more to get apartments for holidays. If they wished to acquire a country house, they would have to ante up 2.1 percent more than in the previous quarter.

The extreme quarterly rising of prices for apartment has been observed in Larnaca in Q4, that is 3.3 percent. It was even higher than Limassol’s experience with one point eight percent, according to the report of RICS. By the way, the largest increase in annual perspective as for apartment prices has been also registered in Larnaca with seven point six percent.

This growth of prices cannot but affect the costs for rents. If a person wanted to rent an apartment in Q4 of 2016, he or she had to ante up 1.8 percent more that in the previous one. The institute revealed also that the payment for shop and office rent had enlarged a quarterly 0.8% and 4.3%, with the annual rate amounting to 4.9% and 7.9% respectively.