Cyprus property prices, rents continue to fall

The RICS Cyprus Property Price Index has recorded a significant decrease during the first half of 2013, across Cyprus’ major urban areas, across all districts, with Nicosia and Limassol faring the worst, as they were the least affected markets up until the second half of 2012.
The RICS quarterly index found that residential prices for both houses and flats fell by 5.4% and 4.4% respectively across Cyprus the first quarter of 2013, with the biggest drop in Paphos (8.8% for flats) and Nicosia (7.8% for houses). Values of retail properties fell by an average of 7.4%, whilst those of offices and warehouses fell by 4.1% and 5.4% respectively. Compared to the first quarter of 2012, prices dropped by 10.6% for apartments, 7.6% for houses, 19.3% for retail, 10.9% for offices and 12.4% for warehouses.
During the second quarter of 2013, across Cyprus residential prices for both houses and flats fell by 4.2% and 5.0% respectively, with the biggest drop in Famagusta (6.7% for flats) and Larnaca (9.2% for houses). For the same quarter, values of retail properties fell by an average of 7.8%, 4.4% for offices and 5.9% for warehouses. Compared to the second quarter of 2012, prices dropped by 12.6% for apartments, 11.2% for houses, 23.3% for retail, 23.3% for offices and 14.8% for warehouses.
Across Cyprus during the first quarter of 2013 the average rental prices marked a decrease of 3.7% for flats, 2.6% for houses, 9.0% for retails, 7.6% for warehouses and 5.2% for offices. Compared with the rentals of the first quarter of 2012, the prices reduced by 9.1% for flats, by 7.3% for houses, by 20.7% for retails, 9.9% for offices and by 16.2% for warehouses.
The fall on rental prices continued across Cyprus during the second quarter of 2013, marking a decrease of 5.2% for flats, 5.4% for houses, 12.0% for retails, 7.1% for warehouses and 8.8% for offices. Compared to the rental prices of the second quarter of 2012, they fell by 12.0% for flats, 11.9% for houses, 28.3% for retails, 15.9% for offices and 19.4% for warehouses.