Market News

We are delighted to introduce the Neapolis Property Price Index (NPPI), a groundbreaking initiative by the Department of Real Estate at Neapolis University Pafos. This index is designed to serve a diverse set of needs, benefiting not just our academic community but also real estate professionals, investors, and policymakers.
Our index aims to be an impartial, credible, and up-to-date source of information that enhances market transparency and facilitates informed decision-making for both consumers and professionals. The department has chosen to base this index on actual property transaction data for its inaugural release. We believe that actual transaction data, as opposed to notional or appraisal-based indices, provide a more accurate and unbiased reflection of market realities. Actual transactions capture what buyers are willing to pay, and sellers are willing to accept, thus giving us a true snapshot of the market at any given moment. This is crucial for reducing biases, enhancing investor confidence, and aiding in more precise analytical and policy-related work.
Academically, the NPPI aims to provide a rich dataset for scholarly research in areas like property valuation methodologies, market trends, and housing policies. It offers an exceptional learning environment for our students, allowing them to gain hands-on experience in data analytics, market research, and property valuation. Industry collaboration is another key objective. We encourage and invite partnerships with real estate agencies, property valuers, and governmental organizations. We invite you to engage with this seminal project. Your feedback and collaboration are invaluable for its continuous improvement and success.
Last but not least, I would also like to extend a warm welcome and heartfelt thanks to Stelios Apostolidis, the newest member of our department. His expertise and dedication are invaluable additions that promise to enrich our academic and research endeavors.
Best regards and enjoy the index!

Ανάλυση της Κτηματαφοράς της Κύπρου για το 2020. Πρόκειται για αναλυτική επισκόπηση της κυπριακής κτηματαγοράς που συντάχθηκε απο την ΑΧΙΑ. 

The Governing Council of RICS today voted unanimously to proceed with an independent review into the events that took place in 2018/19, the outcome of which will be made public. Having listened to the views of members in recent weeks, and appreciating their need for further reassurance, Governing Council has decided to appoint an experienced, fully independent individual to undertake the review according to terms of reference which it will set.

The government has reached agreement with a Cyprus-Israeli consortium for the €1.2 bln redevelopment of Larnaca port and its marina.
The long-awaited redevelopment got the final green light Monday after the Transport Ministry sent a ‘Successful Tenderer Letter’ to the chosen consortium.

Η παρούσα έκδοση έχει ως σκοπό την καλύτερη κατανόηση των δυνάμεων της αγοράς και των τάσεων που δημιουργούνται λόγω της πανδημίας. Μεταξύ άλλων η ΑΧΙΑ εξειδικεύεται και στην εκτίμηση ξενοδοχειακών μονάδων, και έχει εκτιμήσει πάνω από 25 ξενοδοχειακές μονάδες στην Κύπρο.

AΧΙΑ prides itself on offering a wide range of services, including detailed DCF hotel and investment appraisals, having evaluate more than 25 Hotels in Cyprus. This report aims to record the trends of the industry over the past few years and the possible impacts of COVID-19 in order to have a broader picture of the industry and the current cycle.

References to Press

«Θετικό βήμα η εξαγγελία των μέτρων και η παραδοχή του προβλήματος, αλλά… χρειάζεται ακόμη πολλή δουλειά μέχρι την υλοποίηση» – Πώς φθάσαμε στο αδιέξοδο – «Πολύ θολό το τοπίο… Εξαγγέλθηκε ξανά και απέτυχε» – Ποια μέτρα θα βοηθούσαν – Ο Δρ. Θωμάς Δημόπουλος αναλύει στη Cyprus Times τη νέα στεγαστική πολιτική που παρουσίασε ο ΥΠΕΣ

Ο Πλάτωνας, υπήρξε ένας από τους πιο επιδραστικούς φιλόσοφους της ιστορίας. Οι διάλογοί του, γεμάτοι από πληθώρα ιδεών, καλύπτουν μια ευρεία γκάμα θεμάτων.

Μεταξύ αυτών,  ένα όχι και τόσο προβεβλημένο έργο του έχει να κάνει με την κριτική του στη γραφή, όπως καταγράφεται στον διάλογο "Φαίδρος". Θεωρώ πως το έργο αυτό δεν έχει ανάλογη προβολή με τα υπόλοιπα διότι είναι αστείο κάποιος να αμφισβητήσει τη γραφή αν και οι ανησυχίες που εκφράζει ο Πλάτωνας είναι πολύ σημαντικές. Προσωπικά θεωρώ πως οι ανησυχίες αυτές είναι όμοιες με τις σύγχρονες ανησυχίες για την τεχνητή νοημοσύνη και της εφαρμογές της τόσο στο real estate όσο και στους υπόλοιπους τομείς.

Την εμφάνισή τους στην κυπριακή αγορά κάνουν τα dark stores, τα οποία δημιουργούνται με αποκλειστικό σκοπό την ετοιμασία και παράδοση παραγγελιών στους καταναλωτές.

Από την γνωστή σε όλους Amazon στις ΗΠΑ, πλέον η νέα τάση στο εμπόριο αφίχθηκε και στην Κύπρο.

Το άρθρο είναι μια συνοπτική παρουσίαση του blockchain και των εφαρμογών που μπορεί να έχει η τεχνολογία αυτή στις κτηματικές συναλλαγές.

Μειώθηκαν οι αξίες των ακινήτων λόγω της πανδημίας;

Πολλοί ακαδημαϊκοί και επαγγελματίες αναλυτές ακινήτων, συμπεριλαμβανομένου και του εαυτού μου, πριν από δύο περίπου χρόνια, εν μέσω του πρώτου lockdown και της γενικότερης αβεβαιότητας της περιόδου, περιμέναμε υποχώρηση των αξιών των ακινήτων, ειδικά των εμπορικών ακινήτων (καταστήματα και γραφεία), και σχετική σταθερότητα στις αξίες των οικιστικών ακινήτων. Οι λόγοι συνοπτικά ήταν η αύξηση των διαδικτυακών αγορών και η εξοικείωση των καταναλωτών με αυτές, η καθιέρωση της εργασίας από το σπίτι για κάποιες μέρες της εβδομάδας και οι νέες συνθήκες της καθημερινότητας.
Αφού λοιπόν η υψίστης υγειονομικής σημασίας πανδημία έγινε μέρος της ζωής μας και έστω και αργά προσαρμοζόμαστε στα νέα δεδομένα, διαπιστώνουμε πως οι προβλέψεις για πτώση δεν επαληθεύτηκαν. Τουναντίον, οι δείκτες και μια πρώτη ανάλυση δείχνουν αύξηση. Γιατί όμως συνέβη αυτό; Ποιες είναι οι δυνάμεις της οικονομίας που συγκράτησαν και αύξησαν τις αξίες των ακινήτων;

Useful Info

Identifying the age of a building is not just about finding a date but understanding its history, significance, and place in the community's architectural landscape. As real estate professionals, knowledge of a property's age can be pivotal for valuations, development appraisals, and offering clients comprehensive advice.

The IVSC issues Perspectives Papers from time to time, which focus on pertinent valuation topics and
emerging issues. Perspectives Papers serve a number of purposes: they initiate and foster debate on
valuation topics as they relate to the International Valuation Standards (IVS); they provide contextual
information on a topic from the perspective of the standard setter; and they support the valuation
community in their application of IVS through guidance and case studies.
Perspectives Papers are complementary to the IVS and do not replace or supersede the standards.
Valuers have a responsibility to read and follow the standards when carrying out valuations.

Μάθετε για το Δικαίωμα Διάβασης (Πέρασμα) στην Κύπρο, τις προϋποθέσεις, τη διαδικασία παραχώρησης και την αποζημίωση που απαιτείται. 


This research suggests improvements to the macroeconomic housing
indices of a thin real estate market, such as that of Cyprus, by testing
various index construction methods with transaction-based data.
Authors employ around 80% of the total number of apartment transfers
documented at the Department of Lands and Surveys (DLS) of
Cyprus, spanning from the first quarter of 2015 to the second quarter
of 2022. They utilize this data to generate comprehensive indices
at both the national and district levels. Authors studied, analyzed,
and identified the deficiencies of the DLS database and tested the
sample with six different methods. Log-linear time dummy hedonic
models were found to explain the variation of prices better than
other methods, mainly due to their ability to handle the diversity of
properties in terms of location and physical characteristics and proposed
techniques to deal with the issues of the standard time
dummy (STD) and rolling time dummy (RTD) methods, regarding
index revisions and low transaction volume during periods of downturns,
respectively. Furthermore, a hybrid dependent variable of
actual and appraised prices, that is, the accepted price, extracts
explicit significantly better statistical measures. Additionally, the overall
model fit was enhanced by introducing locality dummy variables
and, through different combinations of attributes, captured the optimal
results per district. Eventually, when the introduced transaction based
indices were compared to the corresponding existing published
indices, which are based on non-actual data, we saw some
resemblances, but overall, there were wide deviations.

A lot of discussion takes place lately about whether an AVM can replace the valuations made by humans. But what is an AVM? AVM stands for "Automated Valuation Model." It is a mathematical model – computer based- that uses statistical techniques, algorithms, and data to estimate the value of a property.

The subject of the study is pilot clusters that are beneficial to a particular region, taking into account the traditions and production areas of the region. The work aims to develop an innovative strategy for state-supported pilot clusters that would allow for flexible management decision making. The proposed method involves the compound real options to be employed in the following order: 1) an option to reduce and abandon the cluster strategy; 2) an option to develop and replicate the experience accumulated in the cluster; 3) an option to switch from and temporarily stop the cluster strategy; and 4) an option to postpone the implementation of the new cluster strategy. As an example of the implementation of the method presented, the authors discuss the strategy for the development of a pilot electric power cluster in the Nizhny Novgorod region presented by the core company TNS energo NN PJSC. The use of the compound real option method enabled the cost increase of the strategy for this cluster – i.e., the effect of its implementation by the core company rose by 89.1%, from 2 710 022 to 5 124 706 thousand Rubles. Thus, using the compound real options precisely in the presented order avoids unreasonable management decisions to exit the current cluster strategy, which would include many tactical opportunities already implemented for cluster development. First, a put option, i.e., an option to reduce and exit the cluster strategy, supplements the evaluation of the current strategy. If the current strategy continues, the other three options are used.

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