The fall in residential prices has slowed down

According to Gold News, during the first quarter of 2015, a significant fall was recorded in residential prices.

With reference to data released by the Central Bank of Cyprus, a drop of 1% was noted in house prices quarter-on-quarter, the lowest decline from the fourth quarter of 2012.

The last three months of 2014 have shown a decline of 2% in residential property.

The CBC’s house price index indicated that the price of houses and apartments prices fell by 0.8% and 1.5% respectively, compared to 2.1% and 1.5% during the last quarter of 2014.

Besides, house prices have returned to the average levels of 2006, when excessive demand for mortgages began.

On average, in the first quarter of 2015 residential prices declined by 6.5%, compared to 8% in the previous quarter.

Hоuse prices droppеd by 6% and аpartment prices by 7.7% compared to 7.8% and 8.7% respectively during the fourth quarter of 2014.

The two towns where the largest quarterly drop was recorded are Larnaca and Limassol – both 1.3% – while the Famagusta district recorded a quarterly drop of 0.7%.

Prices for houses in Nicosia declined by 1%, and in Paphos by 1.2%.

With reference to the data released by the Land Registry Department, during the first quarter of this year deeds of sale submitted were up annually by 15.8% compared to a 10.7% increase in the last quarter of 2014.

Larnaca had the highest increase in deeds of sale (49.7%), Limassol was up by 28%, Famagusta demand remained unchanged, while Nicosia and Paphos recorded a drop of 3.9% and 2.3% respectively.