The position of the Central Bank of Cyprus is in line with its European counterpart; prices have fallen to late 2006, early 2007 levels which the bank consider reflect realistic values.
According to the European Central Bank, Cyprus property prices from the first quarter of 2007 until and including the second quarter of 2014 were too high, but became undervalued by the fourth quarter of 2015 by between 4-16%.
However, the European Commission says that taking into account property prices between the first quarter of 2002 to the first quarter of 2015, prices remain overvalued by some 5% in comparison to their long-term average value.
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