Across Cyprus, residential prices for both houses and flats increased in the third quarter last year by 0.6% and 0.9% respectively, according to the RICS Property Price Index, with the biggest increase being in Limassol, (1.4% for flats) and Paphos (1.77% for houses).

Year on year, compared to the third quarter of 2015, prices increased by 0.6% for flats, 0.9% for houses, 0.9% for offices, while warehouses were stable. An increase of 0.8% for retail was also noted.

During the third quarter of 2016, the economy showed further signs of stability, with tourism mildly outperforming forecasts. Unemployment remained at relatively high levels, on a downtrend to about 13% (from the high levels of 17%).

Given prevailing economic conditions and the turbulence in Cyprus’ banking system, there were relatively few property transactions during the quarter although volume was higher on a year on year basis. Local buyers in particular were the most discerning as unemployment and high debt for locals maintained lack of interest.

Across Cyprus, quarterly rental values increased by 0.7% for apartments, 3.3% for houses, 2.2% for retail, 1.1% for offices and for warehouses by 3.5%.