Since RICS began to publish Cyprus Property Price Index in 2009, property in Cyprus has been falling in price. Average apartment of 85 sq.m has become more affordable by 38.1% (€104.7 thousand), and average house of 250 sq.m - by 27.3% (€338.9 thousand), writes ee24.com citing cyprus-property-buyers.com.
The biggest decline in prices for apartments is recorded in Famagusta, where their price fell by 45.8%, amounting to €83.4 thousand. Apartments in Famagusta thus are cheaper than in other cities on the island. At the other extreme is Nicosia, where the apartments are cheaper "only" by 34.1% (€112.8 thousand). The most expensive apartments in Cyprus are located in Larnaca and cost an average of €115.3 thousand.
There is almost a mirror situation on the market of houses and villas. The most serious decline in prices occurred in Larnaca (-35.9%), where there are the most affordable houses in Cyprus (€281.4 thousand). In Famagusta, on the contrary, prices fell by 18.7% to €335.6 thousand. The highest prices for villas in Cyprus are recorded in Nicosia (€402.2 thousand).
Although housing sales in the country rose from January to May by 20% year on year, increased demand has not yet led to a stabilization of prices. As reported by the Central Bank, in the first quarter housing prices fell by 9.7%.