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Cyprus Property Price Index Q3 2010 shows signs of property prices stabilising

02 Feb, 2011
Oxana Mukhomedova

RICS has officially published fourth Cyprus Property Price Index, based on the date of the third quarter of 2010.

Global economic crises has affected Cyprus property prices and first half of 2010 Property Price Index reflected considerable reduction of the property prices. The third quarter of 2010 however has showed some signs of stabilisation as local buyers returned to the real estate market, buying properties for permanent residence and holiday homes.

Property prices behaved differently in various sectors. Prices in general fell in all districts, with exception of warehouses prices, which held their position. Prices for residential properties - houses and apartments - fell by 0.9% and 2.1% respectively. Biggest prices decrease was recorded in Larnaca district (houses 2.1% and apartments 5.1%). Commercial properties across the island fell by an average 2.9% for retail and 2.3% for offices except, as mentioned above, the warehouses, prices for which remained stable.

Rental values across Cyprus fell by 0.1% for apartments, 1.8% for houses, 1.7%, 0.6%, and 0.4% for retail properties, warehouses and offices respectively. Rental and capital values in Nicosia remained stable.

Initial yields on commercial property increased now stand at 6.1% (increased slightly) for retail, 4.8% for offices, and 4.9% for warehouses. Residential properties yields are at 3.7% for apartments and 2.0% for houses. These figures indicate that there is still room for rebalancing to take place.

Full Cyprus Property Price Index 3rd Quarter 2010 can be downloaded here.

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