11 December 2013 11:50

Property prices fell by up to 20% on an annual basis between July and September, a survey showed in the wake of the island's banking crisis.
Nicosia and Limassol property prices were hardest hit which until the second half of 2012 had been the least affected by falling values.
Compared to the same period in 2012, this year’s figures saw flat prices fall 14.6%, house prices 11.1%, shop prices 20.2%, office prices 13.2% and storage space prices 16.2%, an index compiled by the Cyprus branch of the Royal Institution of Chartered Surveyors (RICS) showed.
Property values grew steadily from about 2000 to 2009 as Europeans, particularly Britons, bought second homes and the country's booming banking industry extended credit.
But since then the property market has struggled as banks slid into a crisis.
Rents fell 5.2% for flats during the third quarter of 2013, 5.4% for houses, 12% for shops, 7.1% for storage spaces and 8.8% for offices.
Compared to July-September last year, the figures show a 4.1% reduction in rents for flats 4.9% for houses, 9.1% for shops, 4.5% for offices and 3.1% for storage spaces.


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