Cyprus housing market slump continues
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Cyprus property prices continue to decline, the house price boom having halted in late 2008. At end-2011, Cyprus house prices were 14.5% down on their Q3 2008 peak (-20.5% in real terms), according to the Central Bank of Cyprus (CBC). This year the housing market is expected to suffer yet more, due to the recession.
Cyprus’ residential property price index fell 5.61% during 2011 (-8.87% in real terms). Apartments suffered a 7.2% price drop, while house prices fell 4.7%.
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