House prices in Cyprus fell by 3.3 per cent in the third quarter of 2016 compared to the third quarter in 2015 according to the House Price Index published yesterday by Eurostat in a news release.
The Cyprus Central Bank has reported that home prices continued to fall during the second quarter of 2016 by an average of 0.6 per cent for houses and 0.2 per cent for apartments.
The RICS Cyprus Property Prices Index for the second quarter of 2016 includes price changes in holiday homes for the first time with prices in both residential properties and holiday homes rising.
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.
The Cyprus Central Bank has published its residential home price indexes for the first quarter of 2016 recording a fall in house prices over the quarter of 1.3 per cent and a rise in apartment prices of 0.6 per cent.
The Cyprus Statistical Service (CYSTAT) reported that the price of houses in Cyprus fell 3.4 per cent in the first quarter of 2016 in the first issue of its House Price Index issued earlier today.
The RICS Cyprus Property Price Index for Q1 2016 reports increases in almost all districts and property types, with significant increases recorded in Paphos and Famagusta, while prices other urban areas are gradually bottoming out.
House prices in Cyprus fell marginally in the fourth quarter of 2015 compared with the fourth quarter of 2014, but by more than 4 per cent compared with the previous quarter according to a Eurostat news release.
The Cyprus Central Bank considers that improvements in the local economy and financial conditions will have a positive effect on residential property prices according to its latest Residential Property Price Index.
Cyprus property prices have been in decline since the bubble burst in 2007, but it seems that prices are very close to bottoming out according to the latest RICS Cyprus Property Price Index.