The housing market in Cyprus continues to decline

The housing market in Cyprus continues to decline

The second quarter of 2013 did not bring improvement in the property market in Cyprus. Prices continue to fall and do it faster. Over the last three months prices on apartments fell by an average of 4.2%, and on homes - by 5%. Now the average price of the apartments is €112,318, and houses - €349,125, according to Cyprus Property News.

The cost of apartments in Paralimni / Famagusta fell by 6.7% in this quarter and is €89,932 now. Then follows Nicosia (-5,2%, €128,220), Limassol (-3,9%, €118,799), Paphos (-3,3%, €101,822) and Larnaca (-2,4%, €122 818).

Houses in Larnaca fell by 9.2% and are now an average of €289,220. Then follow the Paralimni / Famagusta (-6,6%, €336,867), Nicosia (-4,1%, €420,271), Paphos (-3%, €356,087) and Limassol (-2,6%, €343 181).