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Property prices continue to weaken

Property prices across Cyprus continued to weaken during the fourth quarter of 2014 with both house and apartment prices falling according to the RICS Cyprus Property Price Index.

Residential property prices fall 1.7 per cent

Residential property prices in Cyprus continued to fall in the third quarter of 2014, according to a Eurostat newsrelease published today, falling 1.7% compared to the third quarter of 2013.

Building permits down 2 per cent

The latest figures from the Cyprus Statistical Service report that the number of building permits issued in October 2014 stood at 446; a 2 per cent fall on the number issued in October 2013.

Real estate prices expected to fall

Pundits in the real estate sector expect that property prices will continue to fall in 2015 but believe that interest from overseas buyers will continue due to incentives introduced by the government.

November property sales fall

The number of property sales in Cyprus fell in November according to the Department of Lands and Surveys with sales declining in both the domestic and overseas markets compared to November last year.

Construction sector in the doldrums

With the number of building permits issued in Cyprus continuing to fall in August, the island’s construction sector remains firmly in the doldrums with no signs of a recovery in the foreseeable future.

Cyprus building permits down 14 per cent

The number of building permits issued in Cyprus during July fell 14 per cent compared with the corresponding month of last year, while the number of new homes being built fell 39 per cent.

Property prices continue to fall

Residential property prices across Cyprus continued to fall during the second quarter of 2014 with the greatest falls being recorded in Paphos where apartment and house prices fell by 2.8% and 2.1% respectively.

New home construction slows

The number of new homes being built in Cyprus continued to decline in May with building permits issued allowing for the construction of 223 dwellings compared with 308 during May 2013.

Third largest price falls in EU

Cyprus recorded the third largest annual decline in house prices in the EU during the first quarter of 2014, according to data released Thursday by Eurostat, with prices falling by 5.7 per cent.

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