HOUSE prices in Cyprus fell by 3.3% in the fourth quarter of 2014 compared to the corresponding period of 2013 according to a report published by Eurostat earlier today.
On an annual basis, house prices across the European Union rose by an average of 2.6%, and 1.1% in the Euro area. Compared with the third quarter of 2014, house prices remained stable in the European Union and fell marginally in the euro area (-0.1%) and in the fourth quarter of 2014.
Among the Member States for which data is available, the highest annual increases in house prices in the fourth quarter of 2014 were recorded in Ireland (+16.3%), Malta (+11.0%), Sweden (+10.4%), Estonia (+10.1%) and the United Kingdom (+10.0%), while the largest falls were recorded in Slovenia (-4.4%), Cyprus (-3.3%), Latvia (-3.2%) and Italy (-2.9%).
The highest quarterly increases were recorded in Malta (+4.6%), Ireland (+3.8%), Slovakia (+2.1%) and Luxembourg (+2.0%), while the largest falls were recorded in Latvia (-10.2%), Lithuania (-4.3%) and Cyprus (-3.0%).
As long as buyers buy property with deeds then they should find they are buying a good investment. If it wasn’t because I am desperate to get rid of my ex I would certainly sit on mine and wait it out.
The only surprise here is the fall isn’t larger.
Cyprus now has cooked it’s goose for good as a serious place to invest in anything – but especially real estate. The whole republic is really only known for two things: 1) Corruption and 2) Incompetence. Until the ‘Ponzi the Clown’ reputation is fully cleared – I cannot see any light at the end of the tunnel.
Maybe the present home owners grandchildren may be pleasantly surprised perhaps?
Is it not surprising when they cant lye straight in bed. Prices and market up one min down another projects on then off.
Lies and deceit on a massive scale regarding developer loans and title deeds not being issued. Despite paying in full for many years. Banks threatening to repossess houses that are paid for as the developers owes the bank and holds the title deed. And for some strange reason can’t pass it on ….. Hmmmm………. Prices high and tourists being ripped off. R I P Cyprus housing and tourism …… have a nice day people.