Disappointing drop in cyprus real estate prices

THERE was a ‘disappointing’ fall in property prices across the Island during the fourth quarter of 2010. Houses and apartment prices dropped by an average of 2.6% and 2.4% respectively according to the fifth issue of the RICS Cyprus Property Price Index, which tracks property prices and rents across 46 locations.

Residential prices for both houses and flats fell by 2.6% and 2.4% respectively, with the biggest drop for houses taking place in Limassol (-4.8%) and for flats in Famagusta (-4.2%).

Values of commercial properties fell across all cities by an average of 2.5% for retail, 3.4% for offices, and 2.4% for warehouses.Year-on-year, prices dropped by 10.8% for apartments, 7.4% for houses, 7.0% for retail, 6.3% for office, and 4.8% for warehouses.

Across Cyprus, rental values for apartments fell by 5.5%, for houses 5.9%, retail units 3.8%, warehouses 4.4%, and offices 2.7%. Year-on-year, rents dropped by 7.2% for apartments, 11.8% for houses, 8.5% for retail, 3.0% for office, and 3.9% for warehouses.

Source: Cyprus Property News