House prices drop slows down in Q1 2015

The drop in house prices slowed down during the first quarter of 2015, which recorded a fall of 1%, the smallest since the fourth quarter of 2012, data published recently by the Central Bank of Cyprus shows.

The house price index, which includes houses and apartments, recorded a drop of 1% on a quarterly basis in the first quarter of 2015 compared to 2% in the previous quarter.

Last month the Royal Institution of Chartered Surveyors – RICS Cyprus published figures showing that for the first three months of 2015, the greatest drop was recorded in Limassol (1.0% for apartments) and the highest increase in Larnaca (3% for apartments). The prices of shops were reduced by an average of 1.7%, offices by 0.1% while stores increased by 1.3%.

Source: Famagusta Gazette