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Property prices and rents fall in Cyprus

Cyprus has seen house prices fall by 2.4 per cent and the value of flats slide by 2.6 per cent in the first quarter of 2012, compared to the previous three months.

This is the finding of the latest Royal Institution of Chartered Surveyors (Rics) Cyprus Property Index, with the organisation singling Limassol out as the location that has seen the greatest declines in residential real estate values.

According to the Rics report, 6.5 per cent was shaved off the value of apartments in the city, while house prices were down 5.3 per cent in the three months from January to March this year.

Meanwhile, rental values across the nation were down by 2.2 per cent for houses and flats quarter-on-quarter.

A recent Global Property Guide report highlighted figures from the Central Bank of Cyprus , which revealed at the end of last year, Cypriot real estate prices had fallen by 14.5 per cent from the peak recorded in the third quarter of 2008.
Article by +James Roberts on behalf of Propertyshowrooms.com