Cyprus Residential Prices for Houses and Flats Increase

15:45 - 05 Ιουλίου 2016

GoldNews

The twenty-sixth edition of the RICS Cyprus Property Price Index issued on July 4, reports that across Cyprus, residential prices for both houses and flats increase by 1.5% and 1.2% respectively, with the biggest increase being in Famagusta 4.1% for flats and Paphos (5.6% for houses).

Values of retail properties fell by an average 0.5%, while offices and warehouses increase by 1.5% and 1.2% respectively.

Compared to Q1 2015, prices dropped by 0.2% for flats, 1.3% for retail and 2.3% for warehouses; however, an increase of 0.6% for houses and 0.7% for offices was noted.

During the first quarter of 2016 the Cyprus economy showed some signs of stability, with the economy’s performance being better than expected and tourism mildly outperforming forecasts. Unemployment remained at high levels, on a downtrend to ca 13% (from the high levels of 17%), and discussions were on going on the implementation of the foreclosure bill.

Given prevailing economic conditions and the turbulence in Cyprus’ banking system, there were relatively few transactions during the quarter although volume was higher on a year on year basis. Local buyers in particular were the most discerning as unemployment and high debt for locals maintained lack of interest. Furthermore, those interested are trying to access bank-finance.

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Cyprus Residential Prices for Houses and Flats Increase

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