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Dramatic fall in Cyprus property prices

Over the past year residential house prices in Cyprus have fallen by 7.8 per cent while apartment prices have fallen 10.7 per cent, according the RICS Cyprus Property Price Index for Q1 2014.

Fourth highest fall in house prices

Although house prices have gone through the roof in most of the 52 countries listed in the latest IMF Global Housing Watch report, house prices in Cyprus suffered the fourth highest fall.

Decline in building permits continues

The number of building permits issued in February continued to fall compared with the corresponding month of last year according to the latest figures released by the Cyprus Statistical Service.

Stress test scenarios do not bode well

Residential property prices will fall by 4.0 percent in 2014, while real estate prices in general are predicted to go down by 11.9 percent under the EBA’s pan-European stress test scenarios.

Second largest price fall in EU

Residential property in Cyprus recorded the second largest price fall in the EU 28 and the biggest price fall in the Eurozone annually according to a Eurostat report published yesterday.

Property prices keep falling

The fourth quarter of 2013 saw the fall in residential property values continue in many areas of Cyprus with prices of houses and apartments falling by an average of 1.6% and 0.5% respectively over the quarter.

Dramatic drop in building permits

The dramatic decline in the Cyprus construction sector continued in December with the number of building permits authorised during the month falling once again compared to the same period in the previous year.

Housing loan rates down, business loan rates up

Although housing loan interest rates continued to fall in December, business loan rates increased reversing an earlier downward trend according to the latest statistics from the Cyprus Central Bank.

House prices down by 1.3 per cent

House prices in the euro zone were down by 1.3% in the third quarter of 2013, according to new figures from Eurostat, the EU statistics agency, with Cyprus one of the countries with the largest falls.

Fall in property sales continues

Property sales in Cyprus during December fell 23 percent compared with December 2012 although sales in Limassol increased according to latest statistics from the Department of Lands and Surveys.

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