Crisis: decline in property prices continues in Cyprus

05 February, 10:27

    (ANSAmed) - NICOSIA, FEBRUARY 5 - Property prices across Cyprus saw a significant decline in the last quarter of 2014, with an annual drop of 5.4% in houses and 5% in apartments as Famagusta Gazette online reports. The latest data by the Royal Institution of Chartered Surveyors (RICS) in Cyprus showed that prices for both houses and apartments declined by 1.1% and 0.7% respectively, with the largest decrease recorded in Famagusta (3.6% in houses) and in Nicosia (1.1% in apartments). Prices for shops presented an average drop of 1.6%, whereas in offices the average decline was 1.2% and in warehouses 1.9%. Compared with the last quarter of 2013, prices for apartments went down by 5.4%, in houses by 5%, in shops by 8.1%, in offices by 6.1% and in warehouses by 5.3%. (ANSAmed).

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