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:
Limassol :
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%.
Paphos :
Prices for Apartments in Paphos are expected to grow by 7.49% while Houses in Paphos are expected to grow by 1.90%.
Larnaca :
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%.
Famagusta :
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%.
Nicosia :
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.
Read more at: http://www.news.cyprus-property-buyers.com/2019/01/21/how-will-property-values-change-in-2019/id=00155223
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