According to the Central Bank’s index, apartment prices fell by an average of 2.1% while house prices fell by an average of 1.8% over the second quarter. (This compares with a falls of 1.1% and 1.0% reported by RICS Cyprus last week).
Apartment prices
The Central Bank index reports that the largest quarterly decline in apartment prices were recorded in Famagusta, where they fell by 4.5% and Larnaca, where they fell by 3.0%.
Elsewhere apartment prices in Paphos fell by 2.8%, in Limassol they fell by 2.1% and in Nicosia (the capital) they fell 1.4%.
House prices
The largest quarterly fall in house prices was recorded in Nicosia, where they fell 2.1% and Larnaca, where they fell 1.9%.
Elsewhere house prices fell by Limassol fell by 1.9%, in Famagusta they fell by 1.3% and in Paphos they fell 0.1%.
Property contracts
The Central Bank index also reports that the total number of contracts of sale deposited at Land Registry offices during the second quarter was up 65.1% over the previous quarter.
Contracts in favour of Cypriot buyers increased by 80.6%, while those in favour of foreigners increased by 33.2%
Further reading
Central Bank House Price Index for the second quarter of 2014