KPMG and RICS work together on Cyprus property index

KPMG in Cyprus and RICS have signed a collaboration agreement for the provision of services for the issue of the quarterly “RICS Cyprus Property Price Index, with KPMG in Cyprus”, they said in a statement.

The two organizations will collaborate closely for the production and distribution of the index, which has been published since 2009, based on a methodology developed specifically by the University of Reading, UK. The Index monitors four main property sectors (Residential, Retail, Offices and Industrial), across Cyprus’ urban areas: Lefkosia, Lemesos, Larnaca, Paphos and Famagusta. The Index is sponsored by the Cyprus Association of Quantity Surveyors (SEEOKK) and supported by the Cyprus Association of Valuers and Property Consultants (ΣΕΕΑΚ).

Through the years, the index has become one of the main barometers of property values in Cyprus and is followed by professionals and key stakeholders of the Real Estate Industry as well as other sectors both in Cyprus and internationally.

On behalf of RICS, Simon Rubinsohn, RICS Chief Economist, commented: “The Cyprus Property Index provides a timely guide to developments in the Cypriot commercial and residential real estate markets. It is not only helpful in identifying key trends but also enabling a better understanding of risk in the sector. This new partnership will help put this product on a more sustainable footing, something I very much welcome.”

Commenting on the collaboration, Dr. Thomas Dimopoulos, MRICS, Chairman of RICS Cyprus and Managing Partner of AXIA Chartered Surveyors, commented: “The new partnership with KPMG in Cyprus is a significant effort in the continuation of the publication of the RICS Cyprus Property Index. The existence of various property indices for the Cypriot market enhances transparency and information. Their usage extends to market analysis relating to measuring property prices, rents, yields, and also acts as a scientific tool for studying property cycles, forecasting etc. The RICS index, which began in 2009, provides a basis for understanding and analysing market drivers and trends for rents and sale prices. It benefits market analysts and participants as a useful indicator of changing market conditions and its continued development and publication is an important tool for understanding the Cyprus property market.”

On behalf of KPMG in Cyprus, Mr Christophoros Anayiotos, Head of Real Estate Sector stated: “We are delighted to engage with RICS to ensure the provision of timely and relevant information to a crucial sector of the Cyprus’ economy, through this established Index. It is without a doubt that the Index will continue to serve as a benchmark for real estate analysis and information, just like it has served for the past 12 years, providing transparency and necessary tools to real estate professionals, analysts, and relevant stakeholders.”