(ANSAmed) - NICOSIA, AUGUST 3 - Residential property prices
in the first quarter of 2012 in Cyprus continued their downward
trend, albeit at a slower pace, according to figures released by
the Central Bank of Cyprus (CBC). In a residential property
price index for Q1 2012 - as CNA reported -, the CBC warned that
the prospects of a recovery in the sector are bleak due to
limited liquidity and the uncertainty created by the fiscal
consolidation measures under discussion between Cyprus and the
Troika auditors (European Commission, European Central Bank and
International Monetary Fund) as part of the island's application
for financial support from the EU bailout mechanism. On a
quarterly basis, residential property prices (both houses and
apartments) in all districts showed a modest decline of 1%
compared to 1.8% of the previous quarter with the exception of
Pafos, on the southwestern coast of the island and Famagusta at
the east coast, were prices declined by 3.1% and 2.4%
respectively. Year on year property prices declined by 4.3%,
with apartment prices declining by 4.3% and 5.4% in houses.
Pafos, on the western coast, showed the biggest yearly decline of 10.6%, while prices in the capital Nicosia declined by 3.2%.
(ANSAmed).
Pafos, on the western coast, showed the biggest yearly decline of 10.6%, while prices in the capital Nicosia declined by 3.2%.
(ANSAmed).
