The Cyprus Central Bank has recently released their Residential Property Price Index quarterly report that shows the price of residential property on the island, namely houses and apartments have continued to rise on an annual basis during the fourth quarter of 2017.
According to the 2017 figures collected towards the end of last year, the value of residential property in Cyprus rose by 0.5% during the final fiscal quarter of last year when compared with figures from the third quarter; with prices of both houses and apartments increasing by 0.3% and 1.0% respectively.
Annual Property Value Fluctuations
Even though apartment prices in the Larnaca and Famagusta districts dropped by 1.8% and 0.1% respectively over the quarter they increased by 2.1% in Nicosia and 2.3% in Paphos.
House prices rose by Famagusta, Larnaca and Limassol rose by 1.1%, 0.8% and 0.4% respectively over the quarter but fell by 0.5% in Paphos and by 0.1% in Nicosia.
The Cyprus Central Bank’s Property Price Index reports that apartment and house prices rose by 1.5% during the fourth quarter of 2017 compared with the fourth quarter of 2016, with the price of apartments rising by 3.3% and house prices increasing by 0.9%.
To conclude the report, the Central Bank reflect on the last year, establishing that the housing market in Cyprus is showing strong signs of recovery from the archaeologically low levels of activity within the market that were reached during the banking crisis. However, the most imperative remaining challenge is to combat the high level of non-performing loans (NPLs), particularly those of first time home purchasers who have yet to repay their debt.