RESIDENTIAL property prices in Cyprus fell by 9.4% in the fourth quarter of 2013 compared to the corresponding period of 2012 according to a report published by Eurostat yesterday.
The report shows that the fall in prices accelerated as the end of the year approached, having fallen by 8% in the third quarter. (Eurostat employs a different methodology to assess price movements to that used by the Cyprus Central Bank).
On an annual basis, prices across the European Union fell by an average of 0.1%, while in the Eurozone they fell by an average of 1.4%.
The largest annual house prices falls in the European Union on an annual basis were recorded in Croatia (-14.4%), Cyprus (-9.4%) and Italy (-4.8%), while the highest increases were to be found in Estonia (+15.6%), Latvia (+7.9%) and Sweden (+7.0%).
For countries in the Eurozone, the largest annual price falls were reported in Cyprus (-9.4%), Italy (-4.8) and the Netherlands (-4.5%), while the highest increases were to be found in Estonia (+15.6%), Ireland (+6.3%) and Luxemburg (4.8%).