THE CYPRUS Central Bank’s Residential Property Price Index for Q2 2012 reports that their index fell to 90.3; a fall of 2% compared with Q1 2012.
On a quarterly basis, house prices fell by 2.2% and apartment prices fell by 1.6% across the island. On an annual basis house prices have fallen 6.5% (their largest annual fall for two years), while apartment prices have fallen by 5.1%.
Over the quarter, Famagusta was the hardest hit area with house and apartment prices falling by 4.4% and 3.7% respectively. Paphos fared best, with house prices falling 0.5% and apartment prices falling 0.4%.
Over the year, Famagusta is again the hardest hit area, with house prices falling 12.7% and apartment prices falling 8.2%. Limassol saw the lowest fall in apartment prices at -3.6% and Nicosia saw the lowest fall in house prices at -4.6%.
The annual price falls of residential properties in the districts of Famagusta and Larnaca at 11% and 8% respectively, were the highest on record.
The Central Bank considers that the price falls, which started in Q3 2008, will continue in the short-term.