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Property prices in Cyprus have fallen back to levels last seen towards the end of 2006 according to the latest quarterly Residential Property Price Index released by the Central Bank of Cyprus.

THE CENTRAL Bank of Cyprus Residential Property Price Index reports that Cyprus property prices are at the lowest levels, falling to 2.7% in the first quarter of 2014 compared with a drop of 2.6% in the previous quarter.

The largest quarterly fall in apartment prices was recorded in Limassol (-3.7%), while Famagusta experienced the smallest drop (-2.6%). In Nicosia and Larnaca, apartment prices declined by 2.8% and 3.4%, respectively.

Bucking the downward trend apartment prices in Paphos increased by 1.2% over the quarter; the first positive change in apartment prices in the district since 2010.

The largest fall in house prices over the quarter was recorded in Paphos (-3.7%), while the smallest drop was reported in Limassol (-2.2%). Houses in Nicosia, Larnaca and Famagusta, fell by -2.5%, -2.5% and -3.1% respectively, compared with the previous quarter.

On an annual basis, the residential property price index fell -9.7% in the first quarter of the year compared with an -8.7% drop in the previous quarter.

Cyprus Property Prices at lowest levels means house prices declined by -9.4% and apartment prices by -10.0% on a year-on-year basis. The largest annual falls in house prices were recorded in Famagusta (-18.5%) and apartment prices in Larnaca (-12.4%). Property prices are now at approximately at the same level that they were towards the end of 2006.

More information can be found here Further reading Central Bank of Cyprus Residential Property Prices Index – 2014 Q1 This is a pdf file

Kind permission of Cyprus Property News

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