Residential property prices in Cyprus continued to fall in the third quarter of 2014, according to a Eurostat newsrelease published today, falling 1.7% compared to the third quarter of 2013.
The number of new houses authorised in January fell by forty percent compared with January 2011 and the number of new residential properties being built is unlikely to increase until the number of unsold apartments and houses is reduced.
Investments in the Cyprus construction sector continued their downward spiral in November according to the Island's Statistical Service, which released the latest building permit figures earlier today.
Cyprus Statistical Services figures published earlier today reveal that the number of residential properties for which building permits have been issued has dropped by more than 4,000 compared to last year.
Following last month's disappointing sales figures published on Tuesday, the latest figures from the Statistical Service released earlier today offer no encouraging signs of an upturn in the Island's property and construction sectors.
Although the number of building permits issued in Cyprus in January 2011 increased over the previous year, the number of permits issued for the construction of residential properties continues to fall.
The European residential real estate market is recovering slowly but in Cyprus the current fiscal and political climate is too unstable to encourage investment in the property sector.
During the third quarter of 2010, the capital values of residential houses and apartments fell by 0.9 percent and 2.1 percent respectively according to the fourth issue of the RICS Cyprus Property Price Index.
The recession in the Cyprus construction continues to bite with the number of building permits issued for the construction of residential properties in June 2010 down almost 44 percent on the number issued during the corresponding period last year.
Figures released earlier today by the Cyprus Statistical Service (CYSTAT) show that building permits for the construction of 1,557 residential properties were authorised in September 2009; down 8.0% on the 1,692 authorised in September last year.
Figures released yesterday by the Cyprus Statistical Service (CYSTAT) show that building permits for the construction of 900 residential properties were authorised in August 2009; down just 3.3% on the 931 authorised in August last year.
Figures released today by the Cyprus Statistical Service (CYSTAT) show that building permits for the construction of 1,161 residential properties were authorised in July 2009; down by nearly 40% on the 1,925 authorised in July last year.
According to the latest figures from the Cyprus Statistical Service (CYSTAT) building permits for the construction of 1,191 residential properties were authorised in May 2009; down by more than 30% on the 1,715 authorised in May last year.
According to the latest figures from the Cyprus Statistical Service (CYSTAT) building permits for the construction of 1,252 residential properties were authorised in April 2009; down by almost a quarter on the 1,658 authorised in April last year.
