Real estate: Cyprus' property prices continue downward trend

03 August, 12:52

(ANSAmed) - NICOSIA, AUGUST 3 - Residential property prices in the first quarter of 2012 in Cyprus continued their downward trend, albeit at a slower pace, according to figures released by the Central Bank of Cyprus (CBC). In a residential property price index for Q1 2012 - as CNA reported -, the CBC warned that the prospects of a recovery in the sector are bleak due to limited liquidity and the uncertainty created by the fiscal consolidation measures under discussion between Cyprus and the Troika auditors (European Commission, European Central Bank and International Monetary Fund) as part of the island's application for financial support from the EU bailout mechanism. On a quarterly basis, residential property prices (both houses and apartments) in all districts showed a modest decline of 1% compared to 1.8% of the previous quarter with the exception of Pafos, on the southwestern coast of the island and Famagusta at the east coast, were prices declined by 3.1% and 2.4% respectively. Year on year property prices declined by 4.3%, with apartment prices declining by 4.3% and 5.4% in houses.

Pafos, on the western coast, showed the biggest yearly decline of 10.6%, while prices in the capital Nicosia declined by 3.2%.



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