Cyprus housing market remains in dire condition
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The average house price in Cyprus dropped by 5.7% in 2012 to €384,316, according to the Royal Institution of Chartered Surveyors (RICS-Cyprus). We are now, in 2013, into the fifth year of house price declines in Cyprus. And things recently took a dramatic turn for the worse.
When adjusted for inflation, nationwide house prices dropped by 6.9%. On a quarterly basis, house prices in Cyprus fell by 1.1% (-2.2% inflation-adjusted) in the latest quarter for which statistics are available, Q4 2012.
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