RICS Cyprus Property Index Q2 2014. This is the nineteenth publication of RICS Cyprus’ Property Price Index, a quarterly price and rental index which is based on methodology produced by the University of Reading, UK. The Index tracks property and rental prices across all districts and main property types. During the second quarter of 2014 the Cyprus economy showed some signs of stability, with the economy’s performance being better than expected at the end of 2013 and tourism outperforming forecasts. Unemployment remained at a historical high level, stabilized at ca 17-18%, further decreases in salaries were recorded, and discussions were ongoing regarding privatizations of state owned enterprises, the revised Immovable Property Tax, and the foreclosure bill. Given prevailing economic conditions and the turbulence in Cyprus’ banking system, there was a lack of transactions during the quarter. Local buyers in particular were the most discerning as the increase in unemployment and the prospects of the local economy maintained the lack of interest. Furthermore, those interested were unable to access bank-finance or their deposits. The Property Price Index has recorded falls in almost all cities and asset classes, with significant falls being recorded in Nicosia. Nicosia is clearly feeling the impact on the government and banking sector (the two sectors who dominate the local employment market), whilst other cities are progressively bottoming out. Across Cyprus, residential prices for both houses and flats fell by 1.0% and 1.1% respectively, with the biggest drop being in Paphos (2.1% for houses and 2.8% for flats). Values of retail properties fell by an average of 3.0%, whilst those of offices and warehouses fell by 2.2% and 2.6% respectively. Click on the following link for further details rics.org/Global/RICS%20Cyprus%20Property%20Price%20Index%20Q2%202014.pdf
Posted on: Fri, 29 Aug 2014 07:13:47 +0000
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