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Cyprus Property News 


12/06/2015 - Property Correction nearing Bottom

The correction of properties is close to the bottom according to the Central Bank of Cyprus, on the occasion of the publication of property prices in the first quarter of 2015. 

According to figures announced by the CB, prices recorded a decrease for 21 consecutive quarters, however, the decline is smaller than in previous quarters.

In the third quarter of 2015 the house price index recorded a quarterly decrease of 1% against 2% drop in the fourth quarter of 2014.
House and flat prices recorded a quarterly decline of 0.8% and 1.5% respectively. 

The quarterly decline in housing prices was the lowest since the fourth quarter of 2012, when the acceleration of the pace of reductions started. 

House prices fell by 6.5% yoy in the first quarter of 2015 compared with 8% in the previous quarter. 

“All municipalities recorded lower annual declines in house prices compared with the previous quarter, suggesting that the price correction course is approaching the bottom”, the CB said. 

The housing price index since the first quarter of 2014 shows a slowdown in decreases. 

Despite the decrease, prices are 7.2% higher compared to the first quarter of 2006. 

Prices have dropped by 30% since 2008, when they had reached the highest level since the CB has data available. 

The largest annual decline in the general housing price index was registered in Larnaca (7.3%) and the smallest in Paphos (3.3%). 

Annual reductions to the general housing price index were observed in Nicosia (6.9%), Limassol (6%) and Famagusta (3.5%). All municipalities recorded for one more quarter smaller annual declines in house prices compared with the previous quarter, suggesting that the price correction course may be coming to an end.


Article Source: Stockwatch