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Cyprus Property Prices updated

We present the Cyprus Property Prices updated from the The RICS Cyprus Property Price Index, which reports quarterly on real estate values and rents in the major urban areas of the island, reveals that property prices on the island continued to fall over the first quarter of 2014.

Across Cyprus, prices of residential houses and apartments fell by 1.4% and 2.6% respectively during the first quarter of 2014. Famagusta saw the biggest drop with house prices falling by 4.0% and apartment prices falling 9.3%.

Annualised Cyprus Property Prices updated Compared to the first quarter of 2013, the average price of a residential apartment has dropped by 10.7%, while the average price for a house has fallen 7.8% Commercial property prices have fallen even more dramatically, with the price of retail units falling 14.8%, while the price of offices and warehouses have fallen by 10.4% and 11.4% respectively.

However Commenting on the Cyprus Property Prices updated figures MRICS Chartered Surveyor Charalambos Petrides said “it seems property sales in 2013 hit rock bottom but it’s clear that in 2014 real estate sales will move upwards.”

He also said property values are expected to continue on a downward spiral for the first six months with the exception of real estate in prime locations.

Now could be the ideal opportunity to purchase a property in Cyprus as the Cyprus Property Prices updated report states prices will pick up later in the year and remember Cyprus is a small island with finite land to build on.  First line plots are now stated to be below 100 available in the south of the isalnd of Cyprus.

Take a look at our Cyprus properties for sale here to choose your ideal property, if you dont see one please contact us to do a search for your requirements using this link for properties for sale Cyprus

We look forward to assisting you to buy on the beautiful island of Cyprus.

June 2014

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