House prices down across the board

THE ECONOMIC crisis contributed to a “disappointing” drop in Cypriot property prices in the last quarter of 2010, the fifth official survey of house prices revealed yesterday.

The Royal Institute of Chartered Surveyors’ (RICS) property index ending December 31, 2010, recorded prices drops in all categories (apartments, houses, retail, warehouse and office spaces) and districts bar one: warehouses in Famagusta.

Year-on-year, prices dropped by 10.8 per cent for apartments, 7.4 per cent for houses, 7.0 per cent for retail, 6.3 per cent for office, and 4.8 per cent for warehouses.

The report said: “The Property Price Index has recorded disappointing behaviour in property prices across Cyprus’ major urban areas, with prices and rents falling across all districts.”

Source: CyprusMail