The Cyprus property portal Zyprus, which enables business to advertise their properties for sale and rent, has recently added a forecasting tool that helps owners of property assess how its value may change in 2019.
FOLLOWING the rising demand in the Cypriot property market, a question that naturally arises is how much will property prices in Cyprus change in 2019? The Zyprus.com ZyForecast tool provides a starting point to gauge how much the price of the residential units by type (e.g. apartments, houses) will change in each Cyprus region.
This analysis is based on a bespoke algorithmic model that utilizes numerous economic and housing data that might impact future residential values. The results of the ZyForecast tool are summarized below:
For Apartments in Limassol, it is predicted that for the year 2019 prices will rise by 6.63%, while the prices for Houses in Limassol are expected to increase moderately by 2.77%.
Prices for Apartments in Paphos are expected to grow by 7.49% while Houses in Paphos are expected to grow by 1.90%.
The picture is different in Larnaca; Apartments in Larnaca are expected to show a lower annual trend of 3.57%. On the other hand, Houses in Larnaca are predicted to show a relatively strong rise of 4.73%.
On an annual basis, Apartments in Famagusta are predicted to grow by 2.57%, contrary to Houses in Famagusta where forecasting suggests a stronger increase by 4.99%.
Finally, an annual growth of 1.96% is expected for Apartments in Nicosia, while the projected annual growth for 2019 for Houses in Nicosia will be 1.81%. A synopsis of the forecasting results reveals that for Apartments, Limassol and Paphos are expected to show the highest annual growth (6.63% and 7.49% respectively). However, when it comes to the Housing market, the Zyprus.com ZyForecast tool predicts that Larnaca and Famagusta will show the highest pace of increase, by 4.73% and 4.99% respectively. It is worth highlighting that overall, the output of the ZyForecast model expects that Cyprus property prices will not decline in any of the regions when it comes to Apartments and Houses.