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Cyprus property prices drop by 5.9% in Q2

Prices for residential real estate in Cyprus fell by 5.9 per cent in the second quarter, the steepest decline in two years.

Figures from Cyprus Central Bank show house prices declined by 5.9 per cent compared with the same period in 2011, while apartment values dropped by 5.1 per cent. Prices fell by 2.2 per cent from their levels in the first three months of the year.

The steepest decreases were seen in the Famagusta region, where drops of 4.4 and 3.7 per cent were registered for houses and apartments respectively.

However, Paphos showed some resilience in comparison, recording declines of just 0.5 and 0.4 per cent respectively for houses and apartments.

The troubles in Cyprus's property market can be partly attributed to the knock-on effect of economic problems in Greece, according to the Royal Institution of Chartered Surveyors (RICS).

In its latest Cyprus Property Price Index report, the organisation highlighted marked second-quarter price falls in large urban areas like Limassol and Nicosia, with apartments seeing particularly significant drops.

"The worsening state of Cyprus's 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," RICS said.
Article by +James Roberts on behalf of