Cyprus Residential Property Index Q2 2014 by Central Bank of Cyprus

Cyprus House Prices

Cyprus Residential Property Index 2014 Q2 by Central Bank of Cyprus

The rate of decrease of residential property prices in Cyprus decelarated during the second quarter of 2014

  • The Cyprus residential property price index (houses and apartments) recorded a quarterly decrease of 2,0% during the second quarter of 2014, the smallest decline since March 2013 events.
  • House prices in Cyprus recorded a lower rate of decline for all districts compared to the previous quarter. The same trend was observed for apartment prices, with the exemption of Famagusta and Paphos.
  • Despite the negative trend of the residential property prices, other leading indicators, such as property sales contracts, exhibit positive signs of future improvements in the Cyprus real estate sector.
  • On a year-on-year basis, the residential property price index fell by 9,1% in the second quarter compared with a 9,7% decline in the previous quarter. House prices declined by 9,1% and apartment prices by 8,9% ,respectively
  • It is worth noting that during the second quarter of 2014 the rate of decrease decelerated for house prices in all districts and for apartment prices in all districts apart from Famagusta and Paphos.