In Q1 2014 home prices in Cyprus fell by 1.4% compared to the previous period and by 7.8% on an annualized basis. Buying a villa in Cyprus is now possible for an average price of €338.9 thousand. Apartment prices dropped by 2.6% and 10.7% respectively, and they were offered for sale for €104.7 thousand, informs ee24.com citing RICS Cyprus Property Price Index.
Real estate market in Famagusta is the leader of slump, where apartment prices dropped by 9.3% q-o-q - to €83.4 thousand, and house prices dropped by 4% - to €335.6 thousand. In Paphos and Larnaca prices remained stable.
The cheapest apartments in Cyprus are in Famagusta (€83.4 ths) and Paphos (€100 ths), the most affordable houses are located in Larnaca (€281.4 ths) and Limassol (€327.1 ths).
Buying property in Cyprus is is not the only option. Those wishing to explore the island and decide on such a transaction can rent housing: apartments - for €337 per month, houses - for €542 per month.