Cyprus Property Price Index Q2 2014

Cyprus Property Prices

Cyprus Property Price Index Q2 2014 by RICS Cyprus

Introduction & Commentary

During the second quarter of 2014 the Cyprus economy showed some signs of stability, with the economy’s performance being better than expected at the end of 2013 and Cyprus tourism outperforming forecasts. Unemployment remained at a historical high level, stabilised at ca 17-18%, further decreases in salaries were recorded, and discussions were ongoing regarding privatisations of state owned enterprises, the revised Immovable Property Tax in Cyprus, and the foreclosure bill.

Given prevailing economic conditions and the turbulence in Cyprus’ banking system, there was a lack of transactions during the quarter. Local buyers in particular were the most discerning as the increase in unemployment and the prospects of the local economy maintained the lack of interest. Furthermore, those interested were unable to access bank-finance or their deposits. 

Cyprus Property Price Index Q2 2014