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Cyprus property prices down in Q2

Date : (News Section: Cyprus)

Cyprus property prices down in Q2
The value of flats and houses in Cyprus declined by two per cent and 1.2 per cent respectively between the first and second quarters of this year.

According to the latest Royal Institution of Chartered Surveyors (Rics) Property Price Index, the worst hit area was Limassol, where apartments shed 3.4 per cent of their value and the cost of buying a home fell by 2.3 per cent.

Pavlos Loizou, of Rics Cyprus, explained the ongoing eurozone crisis and difficulties within Cyprus are the two main factors dragging the real estate sector in the country lower.

"The worsening state of Cyprus' economy and the growing political and economic uncertainty across the eurozone led to a pronounced slowdown in mortgage and corporate lending and a further rise in the rate of unemployment," he stated.

In addition, foreign investors have been largely staying away from property in Cyprus, with many choosing to put their money into a safe haven location, or waiting to see how the situation develops.

Along with the slowdown in the real estate sales market, the construction industry in the country is also suffering.

Cyprus Property News recently reported that the number of building permits issued in May was down by 10.6 per cent annually, with the value of these permits declining by 27 per cent during this period.

Article by +Peter Mindenhall on behalf of

Read More

  1. 10 September 2014 - Cyprus Acts to Unlock Further 350m Troika Bailout
  2. 15 August 2014 - Property Investor Confidence Returning
  3. 18 March 2014 - Cypriot property market 'stabilising at last'
  4. 12 March 2014 - Cypriot Developers Call for Changes to Taxation on Properties
  5. 05 February 2014 - Concerns Raised in Cyprus Over Tax and Property Ruling

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