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Home prices up says Cyprus Central Bank

Home prices in Cyprus (houses and apartments) recorded a quarter-on-quarter increase of 0.5 per cent in the second quarter of 2017 according to the Cyprus Central Bank’s latest Residential Property Price Indices.

Home prices up says Cyprus Central BankTHE CENTRAL Bank of Cyprus reports that home prices, which include apartments and houses, increased 0.5 per cent in the second quarter of 2017 compared with the first quarter in its latest Residential Property Price Index.

Apartment prices

Compared with the first quarter of 2016, apartment prices in Larnaca fell by 1.1% and by 1.0% in Paphos. However in the remaining districts of Nicosia, Limassol and Famagusta they rose by 2.3%, 2.2% and 2% respectively.

On an annual basis, apartment prices in Paphos fell by 3.2%, but rose in the other four districts. Prices in Limassol rose by 6.1%, prices in Nicosia rose by 2.7%, while prices in Famagusta and Larnaca rose by 2.3% and 0.9% respectively.

House prices

Compared with the first quarter of 2016, house prices in Nicosia fell by 0.7% while remaining steady in both Limassol and Famagusta and rising by 0.1% in Larnaca and 2.6% in Paphos.

On an annual basis, house prices in Larnaca fell by 2.3% and by 0.1% in both Nicosia and Famagusta. Meanwhile house prices in Paphos rose by 2.2% and in Limassol by 1.1%

Gradual recovery

The Central Bank considers that the pace at which home prices are increasing, both on a quarterly and annual basis, confirm the gradual recovery of the Cyprus real estate sector as suggested by other relevant indicators and, combined with robust growth in the wider economy, confidence in the sector is strengthened creating prospects for further development and a recovery in demand.

Further reading

Residential Property Price Indices Q2 2017 (Greek)

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  • aggis Demetriou says:

    We still don’t have a real “Cyprus property market” property that’s selling in Limassol are basically tourist areas and property close or on the beach and even these are sold at false economical prices, this is not a market.

  • Peter Howard says:

    Robert Briggs is somebody who always complains – originally because he did not have his Title Deeds – but now he has them. He lives in an area where sales of property are booming and not quite sure why he says that there is a glut of unsold properties, as he lives in the Polis area where there is a shortage of properties for sale. No quite sure about his comments about subsidence – where does this come from?

    Statistics from land registry say that property sales in the Paphos area are up 42 % in the last month – surely this is a situation that should be appreciated by everybody – and not something that people should be negative about.

  • Dave D says:

    R.B. How totally right you are …still waiting for our Deeds after 12 years. We live on an Estate of 52 Villas 300 Yards from the sea one third of which have been up for sale for years (ours included) along with ourselves, not one of our neighbours has had an offer they could afford to except….far and away the biggest mistake we ever made in our lives… doomed to die in this horrible place.

  • Deanna says:

    @ Robert Briggs. 100% agree; couldn’t have put it better myself.

  • Robert Briggs says:

    @ Central Cyprus Bank’s forecast, circa, property price average increase of 0.5%?

    This means nothing, nowadays it all depends as to what the buyer is willing to pay & the buyers wants value for money and they can virtually name their price. There is a gross oversupply of empty properties (most of which, you would not touch with a bargepole, thanks to the subsidence issues, etc, et al /ad nauseum!)

    In relation to buyers, who are, thanks to the Internet, fully aware of the horror stories, in the Cyprus Property Scene.
    So there you have it. RB.

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