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Home prices continue to fall

Home prices in Cyprus are continuing to fall according to the Cyprus Statistical Service’s ‘Home Price Index’ and Eurostat’s ‘House Price Index’, both of which have been released in the last few days.

Cyprus home prices fallingSTATISTICS release by Eurostat and the Cyprus Statistical Service (CySTAT) report that home prices in Cyprus fell 0.6 per cent during the second quarter of 2016.

Eurostat home price index

According to a Eurostat news release published yesterday, home prices in Cyprus fell 0.9 per cent during the second first of 2016 compared with the previous quarter and by 8.9 per cent on an annual basis.

House prices in the Euro area rose by 2.9% and by 4.0% in the EU over the second quarter of 2016 compared with the same quarter of the previous year.

Compared with the first quarter of 2016, house prices rose by 1.4% in the Euro area and by 1.6% in the EU in the second quarter of 2016.

Highs and lows

The highest annual increases in house prices in the second quarter of 2016 were recorded in Hungary and Latvia (both +10.3%), Austria (+9.0%), the United Kingdom (+8.8%) and Sweden (+8.7%), while falls were observed in Cyprus (-8.9%) and Italy (-1.4%).

Compared with the previous quarter, the highest increases were recorded in Latvia (+6.6%), Estonia, Lithuania and Portugal (all +3.1%) as well as the United Kingdom (+3.0%), while falls were observed in Croatia and Cyprus (both -0.9%), Italy (-0.4%) and Hungary (-0.2%).

CySTAT house price index

The CySTAT house price index, which uses data from the Department of Lands & Surveys, also reports a fall of 0.9 per cent during the second quarter of 2016 compared with the previous quarter.

Readers' comments

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  • stanno says:

    Excellent news.

    Nobody should want to pay or visit an island run by corrupt leaders equal to the Mafia.

    Buying a property, or any investment, or money in the bank is a huge risk on that island termed as the hornets nest. You will be stang and ruined.

    Ask the people who lost their entire savings in 2013 to save a corrupt country. The Cypriots living and working abroad who lost everything do not want to see the place again. Give it to the Russians and the Chinese.

  • jo robinson says:

    I hope the president looks at these answers.

  • Annette says:

    We bought a town house in Paphos in 2008 for €244.000 as my Husband is frail and disabled its difficult to visit now, any idea how much we would be able to sell it for now, bit of a nightmare scenario really.

  • Jaycee says:

    I’ve just got an offer on my property bought in late 2003 and it’s luckily only 5% less than I paid. I can live with that.

  • rothel says:

    Coming out of the EU not only Cyprus as well as Austria Italy and others more, sooner or later, missboen EU has no future.

  • Costas a fortune says:

    Yet the people at the top refuse to take their blinkers off! The level of corruption on this island is horrific. From banks, builders, so called “independent” Cypriot lawyers, public notaries etc. The damage continues to spiral with evidence from all over condemning these people yet nothing is done. Can you ever get justice on this island? Probably not so best advice is Do Not buy on this once loved island. Search the Internet for the thousands of horror stories and save yourself many sleepless nights.

  • Martyn says:

    Steve R
    You are absolutely correct I totally agree ,I’ve been saying this for some years now being an owner since 2005.

    My property has fallen by at least 50%, the whole system from the top is corrupt praying on the ex pats, shame for the good ones in Cyprus cos there are a lot. 😡

    Ed: It’s not only expats and other foreigners who have seen the value of their property’s fall; they only account for around 30% of sales. Everyone who bought during the ‘boom years’ have seen the value of their properties fall.

  • sky says:

    And they will keep on falling to a depth no one can imagine…

    -Market huge oversupply
    -Foreclosures looming
    -Weak british pound
    -Very low yields
    -Very low building standards
    -Banks reluctant to lend
    -Stabilisation of the geopolitical situation in the area

    One has to be blind not to understand that the cyprus real market is heading for a crash similar to the CySE and CyAirways crashes.

  • steve r says:

    If they could be sure that all the crooked legal establishments have been weeded out and got rid of, then Cyprus (Like the UK) should look at coming out of the EU. Like many others in Cyprus I was about when the Cypriot pound was in force.

    The general cost of living was around 30% less than the UK. These days its more expensive to live in Cyprus. Ex Pats on a pension are struggling these days.

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