The Cyprus Central Bank reports that the price ofresidential property in Cyprus (apartments and houses) continued to rise on aquarterly and annual basis during the fourth quarter of 2017.
The prices of residential property in Cyprus rose by 0.4%during the fourth quarter of 2017 compared with the third quarter, with pricesof apartments and houses rising by 0.9% and 0.2% respectively, according to theCyprus Central Bank’s Residential Property Price Index.
Although apartment prices in Famagusta and Larnaca fell by1.9% and 0.2% respectively over the quarter they rose by 0.3% in Nicosia, 2.0%in Limassol and 2.2% in Paphos. House prices rose by Famagusta, Larnaca andLimassol rose by 1.0%, 0.7% and 0.3% respectively over the quarter but fell by0.6% in Paphos and by 0.1% in Nicosia.
Annual property price changes
The Cyprus Central Bank’s Property Price Index reports thatapartment and house prices rose by 1.5% during the fourth quarter of 2017compared with the fourth quarter of 2016, with the price of apartments risingby 3.3% and house prices up by 0.9%.
Although apartment prices fell by 0.4% in Famagusta, theyrose by 6.3% in Limassol, 3.0% in Nicosia, 0.6% in Paphos and 0.4% in Larnaca.
With the exception of Nicosia, where house prices fell by0.2% on an annual basis, they rose in the other four districts, with rises of2.2% in Famagusta, 1.6% in Limassol, 1.1% in Paphos and 0.3% in Larnaca.
Clear signs of recovery
The Central Bank considers that the real estate sector inCyprus is showing clear signs of recovery from the historically low levels ofactivity reached during the crisis.