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Aug 30, 2012

Rental returns on property in Cyprus are not high

			Last Updated: Aug. 30, 2012
NICOSIA - Apartments	COST (€)		YIELD (p.a.)	PRICE/SQ.M. (€)
NICOSIA - Apartments	TO BUY	MONTHLY RENT	YIELD (p.a.)	TO BUY	MONTHLY RENT
75 sq. m.	141,300	560	4.76%	1,884	7.47
120 sq. m.	199,560	642	3.86%	1,663	5.35
200 sq. m.	373,400	1,076	3.46%	1,867	5.38
LIMASSOL - Apartments
75 sq. m.	180,150	672	4.48%	2,402	8.96
120 sq. m.	268,560	780	3.49%	2,238	6.50
200 sq. m.	458,400	1,370	3.59%	2,292	6.85
PAPHOS - Apartments
60 sq. m.	85,200	312	4.39%	1,420	5.20
90 sq. m.	138,510	384	3.33%	1,539	4.27
120 sq. m.	157,440	464	3.54%	1,312	3.87
LARNACA - Apartments
60 sq. m.	115,080	433	4.52%	1,918	7.22
90 sq. m.	175,770	485	3.31%	1,953	5.39
120 sq. m.	188,760	614	3.91%	1,573	5.12
Source: Global Property Guide Definitions: Data FAQ See also: Update Schedule

Prices of apartments in Cyprus fell by 5.15% during the year to end – Q2 2012, according to the latest report of Central Bank of Cyprus. This is roughly in line with the latest survey of the Global Property Guide, which found that average square metre (sq. m.) prices of apartments all throughout Cyprus, fell by 6.6% during the year to August 2012.

Limassol is the most expensive district. This is followed by Nicosia and Larnaca, whose sq. m. prices are close to each other. Paphos is the cheapest district to buy apartments.

The average price per sq. m. of a 120 sq. m. apartment in our covered districts is as follows:

Limassol - EUR 2,200
Nicosia - EUR 1,700
Larnaca - EUR 1,600
Paphos - EUR 1,300

The average rental yield throughout Cyprus is around 3.90%. This is close to the Royal Institute of Chartered Surveyors’ (RICS) latest property report, which recorded an average rental yield of apartments at 3.8%.

In our survey, the levels of gross rental yields in the four districts are about the same, ranging from 3% -ish to 4%-ish. Smaller apartments tend to earn higher rental returns, in each of the four districts.

Cyprus - more data and information

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