The WiRE Price and Rental index is based on hypothetical properties. This addresses the lack of homogeneity of Cyprus real estate product, thin trading, and inherent lag in price recording.
Hypothetical property assessed is assumed to be a high-quality building in the best location in the specific geography.
Covers four main sectors – office, retail, industrial and residential – and four subsectors under residential – apartments (permanent use), apartments (holiday homes), houses (permanent use) and houses (holiday homes).
Five urban areas monitored: Limassol, Nicosia, Larnaca, Paphos, Paralimni-Famagusta.
Recognizing that there are sub-districts within these urban areas which operate and behave in a varying manner, a total of 54 of these is monitored to derive the composite index for each category per urban area.
The assessment of the value and price of each property in each subdistrict is made by valuation professionals employed by WiRE.
The index is produced quarterly.
The methodology for the WiRE Price & Rental Index is loosely based on the RICS Cyprus Property Price & Rental Index developed by the University of Reading. For the period from Q4 2009 to Q2 2020 WiRE analysed, processed, and adjusted the publicly available data that relates to the RICS index to be aligned with its data analysis/ provision from Q3 2020 onwards.
For more information on the methodology press here.