Analysis reveals Limassol top of the props
An analysis reveals that Limassol is top of props offering the highest rental yields of 7.8% for two-bedroom apartments and the island’s highest market values of the properties analysed.
Speaking to Cyprus Property News, Dr Charalambos Pitros PhD MRICS, Managing Partner at Zyprus Property Group, said the Group’s analysis was based on data published by the Cyprus Central Bank in its Residential Property Price Indices.
The figures, presented in the table below, represent resale properties between 10 and 13 years old in average condition, in an average area, and of an average size, ie:
- One-bedroom apartment 50sqm internal area.
- Two-bedroom apartment 80sqm internal area.
- Three-bedroom detached house 180sqm internal area on a plot size of 500sqm.
The Zyprus analysis reveals that Limassol is top of the props offering a rental yield of 7.8% for a one-bedroom apartment and a year-on-year increase in market value of 10.4% for both one-bedroom and two-bedroom apartments. An average three-bedroom house in Limassol would set you back €550,000.
The property market in Limassol has been boosted by an influx of Russian and Ukrainian firms fleeing the wartime conditions, while it seems Israeli investors have also helped to drive up prices and rents.
Market values for