Residential Property Price Index Q3 2014
The rate of decrease in residential property prices remained stable during the third quarter of 2014.
- The residential property price index (houses and apartments) recorded a quarterly decrease of 2,0% during the third quarter of 2014, the same as that of the previous quarter. House prices recorded a rate of decline of 1,5%, while apartment prices declined by 2,7%.
- On an annual basis, the residential property price index declined by 8,9%, compared with 9,1% in the previous quarter.
Main results of the residential property price indices
In the third quarter of 2014, the residential property price index recorded the same quarterly decline (2,0%) as in the previous quarter. Apartment and house prices declined by 2,7% and 1,5%, respectively, compared with 2,1% and 1,8%, respectively, in the previous quarter (Chart 1).
On a regional level, the largest quarterly decline in apartment prices was recorded in Famagusta (6,2%), while Larnaca and Paphos had the smallest decline (1,3%). In the districts of Nicosia and Limassol, apartment prices declined by 2,2% and 1,7%, respectively. As regards house prices, the largest quarterly decline was recorded in Larnaca (3,2%), while the smallest decrease was observed in the districts of Limassol and Paphos (0,1%). In the districts of Nicosia and Famagusta, house prices declined by 1,8%, and 0,8% , respectively, compared with the previous quarter.
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