According to the results of Property Price Index of RICS property prices in Cyprus continue to drop

The results of the 22nd edition of Property Price Index of RICS (Royal Institution of Chartered Surveyors) Cyprus was released on Thursday. The index is constructed upon the methodology that was developed by the University of Reading, UK and is able to track prices in both sale and rent markets of all types of real estate in all the areas of the island.

During the first quarter of 2015, the Property Price Index has shown a major decline nationwide in all urban areas and in all property types, with the highest drop fixed in Nicosia. Nationwide, prices for flats showed a quarterly decline of 0.4%, while the prices for houses indicated an increase by 0.6%. The biggest decline occurred in Limassol (1.0% for apartments) and the highest increase in Larnaca (3% for apartments).

Overall, the average price for rent in Cyprus also dropped by 0.3%, for flats by 0.4%, for stores 1.9%, for offices 0.9%. at the same time the rental price for houses recorded a marginal increase of 0.3%. Comparing rents to those of the first quarter of 2014, rental rates decreased by 4.0% for flats, 1.2% for houses, 8.1% for stores, 5.9% for warehouses and 3.5% for offices.

The methodology and the findings of the survey are available on the website of RICS.