If youââ¬â¢re looking to buy a
property in Cyprus then you are in a strong position to negotiate a great deal.
Thatââ¬â¢s the view of a leading property expert after new figures showed that the
prices of property in Cyprus fell sharply in the second quarter of 2012.
The Cyprus Central Bankââ¬â¢s Residential Property Price Index fell to 90.3 in the second quarter of 2012; a fall of 2 per cent compared with the first three months of this year. Keep reading to learn about how property in Cyprus continues to get cheaper.
House prices in Cyprus have fallen by 6.5 per cent in the last year
The Bankââ¬â¢s property price index showed that house prices fell by 2.2 per cent in the second quarter of 2012 while apartment prices fell by 1.6 per cent across the island. On an annual basis house prices have fallen 6.5 per cent (their largest annual fall for two years), while apartment prices have fallen by 5.1 per cent.
Over the three months between April and June 2012, Famagusta was the hardest hit area. House prices fell by 4.4 per cent in the town while apartment prices slipped by 3.7 per cent. Paphos fared best, with house prices falling 0.5 per cent and apartment prices falling 0.4 per cent.
Over the year, Famagusta is again the hardest hit area, with house prices falling 12.7 per cent and apartment prices falling 8.2 per cent over the last twelve months. Limassol saw the lowest fall in apartment prices at 3.6 per cent while Nicosia saw the lowest fall in house prices at 4.6 per cent.
Nick Marr from overseas property
specialists HomesGoFast said: ââ¬ÅProperty prices in Cyprus have fallen sharply
over the last year and the countryââ¬â¢s Central Bank believes that the price falls
will continue in the short-term. Buyers considering a purchase may well lose out if they leave the decision for another 12 months.
ââ¬ÅThis is good news if youââ¬â¢re considering buying a property in Cyprus. Buyers are in a strong negotiation position and there are certainly bargains to be had on the island.ââ¬Â
Are you looking to buy property in Cyprus ? Limassol , Nicosia , Paphos , Famagusta , Peyia
Are you looking to rent property in Cyprus ? Protaras , Limassol , Larnaca , Paphos , Pissouri
Author
Nick Marr
I am an internet entrepreneur with a passion for driving big audiences and a love for real estate. I have had plenty of ups and downs which has given me the experience to help others launch their own businesses. I enjoy projects that save consumers time and money, challenge convention and add real value to peoples lives.