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RICS Cyprus Property index Q3 2016

Published on: 16 May 2017

RICS analysis of property prices in Cyprus as at 30/09/2016

During the third quarter of 2016 the Cyprus economy showed further signs of stability, with the economy’s performance being better than expected and tourism mildly outperforming forecasts. Unemployment remained at relatively high levels, on a downtrend to ca 13% (from the high levels of 17%).

Given prevailing economic conditions and the turbulence in Cyprus’ banking system, there were relatively 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 and high debt for locals maintained lack of interest. Furthermore, those interested are trying to access bank-finance.

The Property Price Index has recorded increases in almost all cities and asset classes, with significant increases being recorded in Larnaca area, whilst other cities are progressively bottoming out.

 

 

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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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