New property index set to make the Cyrus property market "more transparent"

The Cypriot property market is set become "more transparent" as the Royal Institute of Chartered Surveyors (RICS) launch the first internationally recognised price index for the region.

Although the first index makes for fairly bleak reading it represents a positive step for the industry and gives investors the opportunity to track property and rental prices within the country.

It is set to be published on a quarterly basis and will contain information relating to residential properties, offices, high street retail and warehouses.

Meanwhile, the first report says that Cyprus is currently feeling the pressure of the global economic crisis, with the economy reacting to a slowdown in activity and a decrease in income from taxation.

The Cyprus Department of Lands and Surveys reported a rise in sales of 24 per cent last month, with many investors taking advantage of the cheap properties available.

Popular areas included the country's capital city Nicosia, port city Limassol and coastal city Paphos.