SINCE the introduction of the RICS Cyprus Property Price Index in the fourth quarter of 2009, there have been some dramatic falls in prices across the island.
Nationwide, the average price of a 2-bedroom 85sqm residential apartment of medium quality has fallen by 33.6%, while the average price of a 3-bedroom 250sqm house with a garden has fallen by 25.1%.
As we reported on Wednesday, the fall in property prices across the island accelerated during the second quarter of 2013 as a consequence of the decisions taken by the Eurogroup.
However, price falls vary considerably in different parts of the island as can be seen in the charts and tables below.
Residential apartment prices
|
Town/District
|
Residential apartment prices at Q4 2009
|
Residential apartment prices at Q2 2013
|
Percentage Change
|
|---|---|---|---|
| Nicosia | €171,155 | €128,220 | -25.1% |
| Limassol | €177,978 | €118,799 | -33.3% |
| Larnaca | €187,590 | €122,818 | -34.5% |
| Paphos | €154,917 | €101,822 | -34.3% |
| Paralimni/Famagusta | €153,790 | €89,942 | -41.5% |
| Average price | €169,086 | €112,318 | -33.6% |
Residential house prices
|
Town/District
|
Residential house prices at Q4 2009
|
Residential house prices at Q2 2013
|
Percentage Change
|
|---|---|---|---|
| Nicosia | €523,438 | €420,271 | -19.7% |
| Limassol | €496,250 | €343,181 | -30.8% |
| Larnaca | €438,750 | €289,220 | -34.1% |
| Paphos | €460,417 | €356,087 | -22.7% |
| Paralimni/Famagusta | €412,500 | €336,867 | -18.3% |
| Average price | €466,271 | €349,125 | -25.1% |
Please note that the RICS index does not include the prices of holiday homes.