- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

How much have property prices changed?

How much have Cyprus property prices changed?SINCE its introduction in the fourth quarter of 2009 the RICS (Cyprus) Property Price Index has reported movements in property prices and rents on a quarterly basis using a methodology produced by Reading University in the UK.

The thirtieth edition of the Index, which was issued last month, reported that the average price of residential apartments and houses across the island rose by 1.3% and 2.3% respectively during the first quarter of 2017.

However, to put these figures in perspective, the following chart indicates how much property prices have changed since the first edition of the Index was published for the fourth quarter of 2009.

LocationType2009 Q4
Price (€)
2017 Q1
Price (€)
Percentage
Change
NicosiaApartments171,155109,900-35.79%
Houses523,438381,986-27.02%
Retail1,079,167520,678-51.75%
Warehouse2,280,0001,155,976-49.30%
Office758,000547,724-27.74%
LimassolApartments177,978113,229-36.38%
Houses496,250324,032-34.70%
Retail709,722464,700-34.52%
Warehouse2,700,0001,705,199-36.84%
Office600,000417,681-30.39%
LarnacaApartments184,492126,122-31.64%
Houses438,750293,066-33.20%
Retail641,667298,478-53.48%
Warehouse1,933,3331,327,007-31.36%
Office480,000315,187-34.34%
PaphosApartments154,91797,341-37.17%
Houses460,417386,679-16.02%
Retail602,778281,220-53.35%
Warehouse1,405,0001,079,757-23.15%
Office523,333330,663-36.82%
Famagusta/ParalimniApartments153,79083,626-45.62%
Houses412,500320,916-22.20%
Retail408,333215,987-47.11%
Warehouse1,200,000827,862-31.01%
Office337,500215,127-36.26%
Cyprus (average)Apartments168,466106,044-37.05%
Houses466,271341,336-26.79%
Retail688,333356,213-48.25%
Warehouse1,903,6671,219,160-35.96%
Office539,767365,276-32.33%

Prices of residential houses and apartments rose by 53.7% during the first quarter of 2006 and the third quarter of 2008, but then fell 9.4% by the end of the fourth quarter of 2010 as the property bubble burst.

Clearly, property prices still have a long way to go to recover lost ground.