THE CENTRAL Bank of Cyprus Residential Property Price Index reports that that property prices fell 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.
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.