Property prices in Cyprus dropped 9.4% in the last quarter of 2013 compared to the same period in 2012, suggesting a rapid decline towards the end of the year as prices had also dropped 8% in the third quarter.


According to the House Price Index of the Central Bank, which is based on a different methodology, prices fell by 8.7% in the final quarter.

In the EU, the largest decrease was recorded in Croatia, where prices plunged 14.4% compared to the previous year, followed by Cyprus (9.4%), Spain (6.3%), Italy (4.8%) and Holland (4.5%).


In the eurozone property prices dropped an average of 1.4% compared to the last quarter in 2012 and 0.1% in the European Union.
In the third quarter of 2013, prices had dropped 1.3% in the eurozone and 0.4% in the EU.


The largest increases were noted in Estonia (15.6%), Latvia (7.9%) and Sweden (7%). Compared to the third quarter in 2013, property prices fell by 0.7% in the eurozone and 0.3% in the EU.


The largest quarterly falls were recorded in Hungary (1.8%), Spain (1.3¬ %), Denmark and Italy (both 1.2%), while the highest increases occurred in Latvia (2.7%), Estonia and Lithuania (both 2.6%) and Ireland (2.5%). Cyprus marked a 1.1% drop compared to 0.4% dip in the third quarter.

Source: InCyprus