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RICS Cyprus Property Price Index Q4 2015

Published on: 17 March 2016

RICS analysis of property prices in Cyprus as at 31/12/2015

During the fourth quarter of 2015 the Cyprus economy showed some signs of stability, with the economy’s performance being better than expected and tourism mildly outperforming forecasts. Unemployment remained at a historical high level, stabilised at ca 14%, and discussions were ongoing regarding privatisations of state owned enterprises.

Given prevailing economic conditions and the turbulence in Cyprus’ banking system, there were few transactions during the quarter although volume was higher on a year on year basis. Local buyers in particular were the most discerning as unemployment is at high levels and the prospects of the local economy maintained the lack of interest. Furthermore, those interested are trying to access bank-finance.

The Property Price Index has recorded falls in most cities and asset classes while the rate of decrease is less than previous quarters. In addition certain Districts and asset classes indicate signs of stability as Paphos, Larnaca and Famagusta are progressively bottoming out.

Across Cyprus, movements in property prices appear mix as residential prices for flats fell by 0.5% and 0.1% for houses. The biggest drop being in Limassol (1.4% for flats) and in Nicosia 0.8% decrease for houses. An increase of 2.9% for offices was noted in Nicosia.

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About Urban Keys Real Estate & Chartered Surveyors

Headquartered in Nicosia, Cyprus and with a reach in all districts, Urban Keys Real Estate & Chartered Surveyors is a new venture with longstanding roots as real estate agents, property valuers and surveyors, offering consulting services to a wide range of clients and on all types of property matter – selling, buying, renting, leasing property throughout Cyprus.

Urban Keys is a young, fresh, dynamic and innovative agency. Our approach ensures the property sector in Cyprus is consistent to international standards, as well as made to suit a new generation, changing real estate market, and changing economy.

Urban Keys Real Estate & Chartered Surveyors
70, 28th October Avenue
Office 102, Engomi
2414, Nicosia, Cyprus.
Telephone:+357 22 27 00 19
Mobile:+357 99 43 44 51
E-mail:info 'at' urban-keys.com
Website:www.urban-keys.com

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