Residential property prices continued to decline during the first quarter of 2014.
- The residential property price index (houses and apartments) recorded a quarterly decrease of 2,7%, compared with 2,6% in the previous quarter.
- On an annual basis, the residential property price index recorded a decrease of 9,7%.
- The highest quarterly declines were recorded in apartment prices in the district of Limassol (3,7%) and in house prices in the district of Paphos (3,6%). Apartment prices in Paphos recorded an increase of 1,2%.
Main results of the residential property price indices
In the first quarter of 2014, the residential property price index recorded a quarterly decline of 2,7%, similar to the previous quarter (2,6%). Apartment and house prices declined equally by 2,7%, compared with 3,0% and 2,2%, respectively, in the previous quarter (Chart 1).
On a regional level, the largest quarterly decline in apartment prices was recorded in Limassol (3,7%), while Famagusta had the smallest decline (2,6%). In the districts of Nicosia and Larnaca, apartment prices declined by 2,8% and 3,4%, respectively, while Paphos recorded an increase of 1,2%. This is the first positive quarterly change in apartment prices in Paphos since 2010. As regards house prices, the largest quarterly decline was recorded in Paphos (3,7%), while the smallest decrease was observed in Limassol (2,2%). In the districts of Nicosia, Larnaca and Famagusta, house prices declined by 2,5%, 2,5% and 3,1%, respectively, compared with the previous quarter.
Download the full PDF Residential Property Price Index Q1 2014