Residential Property Price Index Q2 2014
The rate of decrease of residential property prices decelarated during the second quarter of 2014.
- The residential property price index (houses and apartments) recorded a quarterly decrease of 2,0% during the second quarter of 2014, the smallest decline since March 2013 events.
- House prices recorded a lower rate of decline for all districts compared to the previous quarter. The same trend was observed for apartment prices, with the exemption of Famagusta and Paphos.
- Despite the negative trend of the residential property prices, other leading indicators, such as sales contracts, exhibit positive signs of future improvements in the real estate sector.
Main results of the residential property price indices
In the second quarter of 2014, the residential property price index recorded the smallest quarterly decline (2,0%) of the last five quarters. Apartment and house prices declined by 2,1% and 1,8%, compared with 2,6% and 2,7%, respectively, in the previous quarter (Chart 1).
On a regional level, the largest quarterly decline in apartment prices was recorded in Famagusta (4,5%), while Nicosia had the smallest decline (1,4%). In the districts of Limassol and Larnaca, apartment prices declined by 2,1% and 3,0%, respectively. In the district of Paphos apartment prices declined by 2,8%. As regards house prices, the largest quarterly decline was recorded in Nicosia (2,1%), while the smallest decrease was observed in Paphos (0,1%). In the districts of Limassol, Larnaca and Famagusta, house prices declined by 1,8%, 1,9% and 1,3%, respectively, compared with the previous quarter.
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