THE Cyprus housing market was amongst the worst performers in the European Union during 2010 according to the Knight Frank Global House Price Index and the RICS Cyprus Property Price Index.
Perhaps not surprisingly, Ireland had the worst performing housing market in the European Union with prices slumping 10.8% over the year. Lithuania was next poorest with prices declining by 10.1%. Cyprus came third from bottom with price falls averaging 9.3%.
Prices of residential apartments fell by an average of 11.2% across Cyprus. The areas popular with overseas investors and local summer home buyers experienced the worst of the falls; prices in Paralimni/Famagusta slumped 23.2%, those in Larnaca dropped by 14.4% and those in Paphos fell by 10.2% over the year.
Prices in the port town of Limassol fell by 6.6%, while those in the capital Nicosia fell by just 2.4% over the year.
House prices in residential areas fell by an average of 7.4%. The worst hit area was Larnaca, where prices fell by 13.2%, followed by Limassol (-10.0%), Paphos (-7.2%), Paralimni/Famagusta (-5.1%) and finally Nicosia, where house prices fell by just 2.3% over the year.