Prop­erty prices sta­bilise, says Cen­tral Bank of Cyprus

Financial Mirror (Cyprus) - - FRONT PAGE -

Res­i­den­cial home prices re­main on a sta­bil­i­sa­tion trend, the Cen­tral Bank of Cyprus an­nounced last week.

The Res­i­den­tial Prop­erty Price Index (for houses and apart­ments), com­piled by the cen­tral bank showed a quar­terly de­cline of 0.8% in April, whereas the yearon-year de­cline com­pared to the first quar­ter of 2015 was 1.6%, the low­est re­duc­tion in al­most five years.

On a quar­terly ba­sis, home dropped 1.3% in the first quar­ter, while apart­ment prices were up 0.6%.

The cen­tral bank high­lighted that res­i­den­tial prop­erty prices in the last four quar­ters reg­is­tered ei­ther mar­ginal re­duc­tion or signs of sta­bil­i­sa­tion, show­ing a sta­bil­i­sa­tion trend.

On an an­nual ba­sis, the Res­i­den­tial Prop­erty Index in Q1 marked a re­duc­tion of 1.6% com­pared with an an­nual re­duc­tion of 1.8% in Q4 of 2015.

Hous­ing prices dropped 1.9% year-onyear in Q1 2016, whereas apart­ment prices re­treated at a slower pace of 0.7% com­pared with an­nual re­duc­tions of 1.4% and 2.8%, re­spec­tively, in the fourth quar­ter of 2015.

“The said an­nual re­duc­tions show a steadily de­clin­ing course to­wards point zero, that is, price sta­bil­i­sa­tion,” the cen­tral bank said, adding that price sta­bil­i­sa­tion will be ob­vi­ous in the com­ing quar­ters.

The district of Fa­m­a­gusta showed the high­est quar­terly de­cline with 2%, fol­lowed by Lar­naca with 1.4%, Ni­cosia 0.8%, Li­mas­sol 0.5% and Paphos with 0.7%.

On an an­nual ba­sis, Ni­cosia con­tin­ues to show the high­est re­duc­tion with 3.2% in Q1 2016, fol­lowed by Lar­naca with 1.8%, Fa­m­a­gusta with 1.1%, Li­mas­sol with 1.1% and Paphos with 0.8%.

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