The second publication of the quarterly RICS Cyprus Property Price Index has been published, showing that prices for property in Cyprus have fallen in Quarter 2 of 2010, reports property portal House Sales Cyprus (http://www.housesalescyprus.com/). Residential apartments and houses in Cyprus have seen prices drop in Quarter 2, as well as the value of commercial properties.
The respected RICS index is based on research and methodology carried out by the University of Reading in the UK. It monitors both rental and property prices across all regions of the country and in each sector of Cypriot properties: residential, offices, retail and warehouse space. Any changes in prices over a given time period are then analysed to ascertain an upward or downward trend.
The RICS Cyprus Property Price Index for Quarter 2 of 2010 found that ''residential prices for both houses and flats fell by an average of 4.5% and 1.6% respectively, with the biggest drop for houses taking place in Larnaca (-6.8%) and for flats in Paralimni
(-14.9%). Values of commercial properties generally fell across all cities by an average of 1.4% for retail and 2.9% for warehouses. The exception was offices which rose by an average of 1.4%, greatly influenced by offices in Nicosia which rose by 6.1%''.
These findings may not be good news for those looking to sell property in Cyprus; if valuations in Cyprus reflect these findings, they may be forced to drop the price of their property accordingly to ensure a sale. However, the news is hardly surprising given the economic turmoil that the entire world has faced recently, and the inherent appeal of the country will help the market bounce back quicker than in countries that do not have a similarly healthy tourism market. The other side of the coin is that those wanting to buy property in Cyprus could well benefit from these price drops and bag themselves a property bargain, before prices inevitably begin to correct themselves once more.
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