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Property prices falling more slowly

The latest residential property price index published by the Cyprus Central Bank reports that house prices are falling more slowly and the CB expects them to stabilise around 2006 levels.

Cyprus property pricesPROPERTY prices in Cyprus continued to decline in the second quarter of 2015 with the prices of and apartments falling by 0.4 percent and 0.6 percent respectively according to the latest residential property price index published by the Cyprus Central Bank.

(This compares with price falls of 0.8 percent and 1.5 percent for houses and apartments respectively during the first quarter of 2015.)

The largest quarterly fall in apartment prices was recorded in Nicosia (-2%), followed by Paphos (-1.7%) and Famagusta (-0.7%). However apartment prices in Limassol and Larnaca rose by 1.1 percent and 1.7 percent respectively.

The largest quarterly fall in house prices was recorded in Larnaca (-1.3%), followed by Paphos (-1.2%) and Limassol (-0.7). Prices in Nicosia remained steady, while those in Famagusta rose 0.2 percent.

Year-on-year house prices have fallen of 4.6 percent, while apartment prices have fallen 6.2 percent.

The Central Bank anticipates that home prices will stabilise around 2006 levels, the year in which excessive demands for loans resulted in the property sector overheating. “The economy as a whole is showing signs of recovery with GDP growing in 2015, while demand for real estate continues to show annual increases. These developments are expected to help stabilise property prices” said the Central Bank in its report.

Readers' comments

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  • Steve R says:

    YIPPEE !!! That would be good news if we could actually get to own our properties. House prices could increase tenfold but if you don’t have the Title Deeds what does it matter. Just being a realist

  • Richard says:

    So in attempting to find a resolution – we’ve being saying for years to all parties involved “put things back to where they were at the start of 2006 when we in the throes of discussions”

    Vindicated..

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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