Cyprus Property Prices Forecast
The Cyprus Central Bank, has announced that property prices have decreased during the year 2009 by 8%, whereas his predictions for 2010 is that prices will keep steady.
According to its six-month bulletin, the price of the housing properties will record an annual decrease of 8% in 2009 compared to 13% in 2008. “The anticipated drop in the housing property prices coincides with the weakening of the construction activity in 2009”, it said.
According to Stockwatch, Cyprus “Real estate agents and developers expressed their expectations that property prices have sunk to the bottom and stressed that the combination of the drop in lending rates and the offer of new properties will contribute to a price stabilization.”
“However, everybody agrees that the market has been severely affected by the sharp drop in external demand, from Britain and Russia mostly.”
| House price change % change over a year earlier |
Buy/Sell house price index (2004=100) | ||||||||||||||||||||||||||||||||||
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RENTAL YIELDS |
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| Last Updated: Aug. 27, 2009 | |||||
| NICOSIA – Apartments | COST (€) | YIELD (p.a.) | PRICE/SQ.M. (€) | ||
| TO BUY | MONTHLY RENT | TO BUY | MONTHLY RENT | ||
| 60 sq. m. | 114,780 | 538 | 5.63% | 1,913 | 8.97 |
| 90 sq. m. | 165,600 | 629 | 4.56% | 1,840 | 6.99 |
| 120 sq. m. | 202,560 | 766 | 4.54% | 1,688 | 6.38 |
| 200 sq. m. | 297,200 | 1,116 | 4.51 | 1,486 | 5.58 |
| LIMASSOL – Apartments | |||||
| 60 sq. m. | 176,460 | 620 | 4.22% | 2,941 | 10.34 |
| 90 sq. m. | 256,680 | 771 | 3.61% | 2,852 | 8.57 |
| 120 sq. m. | 329,760 | 883 | 3.21% | 2,748 | 7.36 |
| 200 sq. m. | 520,400 | 1,798 | 4.15% | 2,602 | 8.99 |
| PAPHOS – Apartments | |||||
| 55 sq. m. | 96,470 | 368 | 4.58% | 1,754 | 6.70 |
| 80 sq. m. | 154,320 | 486 | 3.78% | 1,929 | 6.07 |
| 120 sq. m. | 199,080 | 586 | 3.53% | 1,659 | 4.88 |
| LARNACA – Apartments | |||||
| 45 sq. m. | 82,980 | 347 | 5.01% | 1,844 | 7.70 |
| 70 sq. m. | 118,790 | 475 | 4.79% | 1,697 | 6.78 |
| 90 sq. m. | 151,830 | 538 | 4.25% | 1,687 | 5.98 |
| 120 sq. m. | 195,720 | 625 | 3.83% | 1,631 | 5.21 |
| 200 sq. m. | 261,000 | 704 | 3.24% | 1,305 | 3.52 |
| Source: Global Property Guide Definitions: Data FAQ See also: Update Schedule | |||||
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