Published price index for real estate Cyprus

The Royal Society of Chartered Surveyors has published a price index for Cyprus property, which is designed to increase the transparency of market activity. The quarterly published by the Index will track property prices and the size of the rent in all regions of Cyprus and will be fixed by changing the value of residential and commercial real estate, as well as storage facilities and real estate in the central areas. Recently, first, the base index has been published, which will be the yardstick for all future changes in the level of real estate prices and rents. The first index paints a pretty bleak picture. According to him, now, in early 2010, the crisis Cypriot economy is in the midst of a slowdown in economic activity, falling tax revenues and a sharp reduction in the number of real estate transactions, which in 2009 was about 50% less than in 2008 year. In particular, the state of the economy seriously deteriorated due to a significant reduction in the number of foreign buyers - said in a statement. In 2009, in comparison with the 2005-2008 years, foreign buyers was 80% less. Fluctuations in the prices of Cypriot houses and apartments are not observed, and the average price is 1,865 euros per 1 square meter for apartments and 2,001 euros per 1 square meter for houses. The standard deviation of prices in all the towns of Cyprus is only 9% and 10%, respectively, indicating the absence of price fluctuations in the majority of homes for locals, with the exception of houses located in the popular tourist spots and protected areas. In Cyprus, rarely use the term "investment return", as the majority of companies do not take a property for rent and purchase it in the property. However, the yield is a useful tool, which allows you to judge the relationship between the lease and the sale of real estate prices. Initial yields on commercial property is 6% for retail sales, 4.7% for offices and 4.8% for warehouses. On this Site www.propertywire.com