According to the latest report published by the consulting company RICS, in the fourth quarter of 2015 the price of apartments and houses of Cyprus decreased by 0.1% and 0.5% respectively. It says about the noticeable slowdown in the reduction of prices, which showed a negative trend since 2007, the RICS Economists say that the current situation suggests that prices have hit bottom, according to the portal about Cyprus property Cyprus Property Buyers.
Price changes were mixed for different regions of Cyprus. In the last quarter, the largest decline in apartment prices has demonstrated Limassol (of 1.4%), Famagusta (of 1.4%) and Nicosia (-0,8%). In Larnaca, apartment prices grew 0.8% and remained unchanged in Paphos. House prices fell by 0.8% in Nicosia and in Paphos increased by 0.6%.
In comparison with IV quarter of 2014, the average price of flats dropped in Cyprus by 1.6%, while the average price of a three bedroom apartment fell by 0.3%.
Rental prices per quarter by the fourth quarter of 2015 grew by 0.5% for apartments, 1.1 percent for homes, 0.2% for offices. The cost of renting retail space and warehouses declined 0.2%. For the year to the fourth quarter of 2015 the cost of renting apartments and houses in Cyprus increased by 0.3% and 0.8% respectively.
The average rental yield stood at 3.9% per annum for the property, 2% for houses, 5.2 per cent for retail space, 4.3% for warehouses, and 4.5% for offices.
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