RENOS PITROS - Chartered Surveyors

🎄✨Warmest Wishes for Christmas and the New Year!!

Wishing you all joy, laughter, and love this festive season.
May your celebrations be filled with warmth and happiness as we come together to enjoy cherished moments with family and friends.

Our office will be closed:

25,26,31 December
1st of January

https://renospitros.com/

🌟 Exciting News! 🌟
Nestled on the southern coastline of Cyprus, next to the beautiful Mediterranean Sea, Paphos has been crowned the most sustainable small city in the world! 🏆🌍
A recent report by Compare the Market AU evaluated seven key factors: the number of restaurants, entertainment options, the unemployment rate, the number of rainy days, health index rating, safety rating, and the overall cost of goods. Paphos topped the list with a score of 5.495 out of 7! 🥇
The top three best small cities are:
1️⃣ Paphos, Cyprus – 5.495
2️⃣ Arrecife, Spain – 4.717
3️⃣ Trapani, Italy – 4.622
Stephen Zeller, General Manager of Compare the Market AU, commented on the research, highlighting the many benefits of living in smaller cities: a slower pace of life, easy access to nature, and cheaper housing. Smaller cities tend to be more affordable, not just for everyday items like coffee and dining out, but also for property. 🏡💚


https://www.comparethemarket.com.au/home-loans/features/most-liveable-small-cities/?fbclid=IwZXh0bgNhZW0CMTEAAR3RTb9d8k37c9spKa5IIibzHsnsqE8RwwL0QCfXrnjUFh7Zf3fSLuwuN0Y_aem_AcZ13Be4tot4FknFIdeA8sZuWTCCfXgXxrKZb8pRQtrsCTW09gU4O3B_PCTkKZQcBEMwDu1YDAkmo0wKdgHZaWj9

The World’s Most Liveable Small Cities | Compare the Market AUS From Cyprus to Canada, discover where in the world the most liveable small cities are, based on restaurants, entertainment, safety scores, and much more.

We wish you a Happy Valentines Day🌹🌹

Discover the Ripple Effect in Cyprus's Property Market! 🌀

The ripple effect describes how property prices in one area influence those in others, as seen with London’s impact on the UK market, whereby changes in house prices in the UK are noted first in London before being observed in other regions.

Similar to London's influence on the UK, Limassol acts as the epicenter of change, with price fluctuations rippling out to other regions.

📝📈Our analysis of Central Bank data reveals intriguing insights:

1️⃣ In Limassol, regarding apartment price trends, there was an initial noticeable increase in early 2017. This increase initiated a ripple effect that spread to other regions of Cyprus about 1 year later, on average.

2️⃣ Interestingly, apartments typically show earlier price movements than houses, indicating strong demand. When comparing apartments and houses, it appears that apartment price trends in all areas (except in Famagusta) started increasing noticeably earlier than houses, on average, around 1.5 – 2 years earlier.

3️⃣ Regarding Famagusta, both the trends of apartments and houses appear to follow the same pattern without any noticeable lags (both apartments and houses are commonly used as holiday homes, resulting in similar demand drivers).

4️⃣ Looking ahead, anecdotal evidence indicates a noticeable decline in rental values in Limassol starting from Q3 2023, expected to spread to other regions within and by the end of 2024.

📈Investors seeking higher yields due to increased interest rates, will further pressure property prices.

In the current property market, nothing is that simple. Therefore, having access to current evidence of verified comparable sales or additional valid evidence is crucial for gaining an edge in the marketplace and staying ahead of lagged trends.

This information is for illustration purposes only, not professional advice.

RENOS PITROS - Chartered Surveyors
📝Property Valuations
📝Building & Structural Surveys

Tel: +357 26 22 22 77
Email: [email protected]

18 Gladstonos Road, 8046 Paphos, Cyprus.

Valuations & Building Surveys in Paphos. Chartered Surveyors. RICS & ETEK Accredited Property Valuation Reports. Qualified Building and Structural Surveys - Buyer’s Report. Affordable Services. Low Fees.