New applications for Cypriot passports under the island's 'citizenship-by-investment scheme' (aka passport-for-cash scheme) are falling, possibly as a result of the stricter rules introduced in May.
The Cyprus Central Bank has reported that home prices continued to fall during the second quarter of 2016 by an average of 0.6 per cent for houses and 0.2 per cent for apartments.
The latest residential property price index published by the Cyprus Central Bank reports that house prices are falling more slowly and the CB expects them to stabilise around 2006 levels.
The fourth quarter of 2013 saw the fall in residential property values continue in many areas of Cyprus with prices of houses and apartments falling by an average of 1.6% and 0.5% respectively over the quarter.
Since its introduction more than three and a half years ago, the RICS Cyprus Property Price Index has recorded a steady decline in the price of residential properties across the island.
Property sales in June fell 51 per cent compared with June 2012 according to figures recently published by the Department of Lands and Surveys, with numbers falling in all districts across the island.
The short answer to this interesting question is that property prices tend to be "sticky" on the way down as a lower sales price can often be dismissed as being uncharacteristic of the market.
The eighth issue of the RICS Cyprus Property Price Index reports that real estate prices and rents across the Island's main urban areas continued to fall during the third quarter of the year.
