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In the second Quarter 2010 prices drop slowed down, according to Cypus Quarterly Property Price Index

10 Sep, 2010
Oxana Mukhomedova

With locals beginning to reappear in the property market, prices of the houses fell at lower rate in the 2nd Quarter of 2010, according to the third RICS Cyprus property Index, published yesterday.

“Towards the end of the second quarter there were some early signs of stabilisation, with local buyers returning to the market taking advantage of lower prices for holiday homes,” RICS stated.

The RICS index is produced by the Cyprus department on the Royal Institution of Chartered Surveyors and Cypriot chartered quantity surveyors. The results demonstrated that from in the second Quarter of 2010 property selling prices fell on average 2,5% (drop in the first quarter was 4.5%).

Price for residential properties (apartments and houses) fell by 2,5% averagely. The greatest decrease for houses prices was recorded in Paphos - 4%, apartments dropped most in Paralimni - 3,3%.

Prices for the commercial properties across the island slightly fell as well - 0,5 % average drop for retail buildings and 2,1% for offices. Only for the warehouses charts have shown an increase by 0,4 %, mainly due to the 0,5% price increase for such properties in Limassol.

Throughout Cyprus, rents for apartments increased by an average by 0,3 %, even though rents on houses, retail units, warehouses and workplaces fell by a respective common of 2,1 per cent,0,.8 %, 0,2 per cent and 2.1 percent, accordingly. Rents for all property types fell in Paphos. Crisis has also affected Limassol market, as rents in this coastal city also dropped.


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