Why Hesitant Buyers May Lose Out In Cyprus

If you’re looking to buy a
property in Cyprus then you are in a strong position to negotiate a great deal.
That’s the view of a leading property expert after new figures showed that the
prices of property in Cyprus fell sharply in the second quarter of 2012.

The Cyprus Central Bank’s
Residential Property Price Index fell to 90.3 in the second quarter of 2012; a
fall of 2 per cent compared with the first three months of this year. Keep
reading to learn about how property in Cyprus continues to get cheaper.

House prices in Cyprus have fallen by 6.5 per cent in the last year

The Bank’s property price index
showed that house prices fell by 2.2 per cent in the second quarter of 2012 while
apartment prices fell by 1.6 per cent across the island. On an annual basis
house prices have fallen 6.5 per cent (their largest annual fall for two
years), while apartment prices have fallen by 5.1 per cent.

Over the three months between
April and June 2012, Famagusta was the hardest hit area. House prices fell by
4.4 per cent in the town while apartment prices slipped by 3.7 per cent. Paphos
fared best, with house prices falling 0.5 per cent and apartment prices falling
0.4 per cent.

Over the year, Famagusta is again
the hardest hit area, with house prices falling 12.7 per cent and apartment
prices falling 8.2 per cent over the last twelve months. Limassol saw the
lowest fall in apartment prices at 3.6 per cent while Nicosia saw the lowest
fall in house prices at 4.6 per cent.

Nick Marr from overseas property
specialists HomesGoFast said: “Property prices in Cyprus have fallen sharply
over the last year and the country’s Central Bank believes that the price falls
will continue in the short-term. Buyers considering a purchase may well lose out if they leave the decision for another 12 months.

“This is good news if you’re
considering buying a property in Cyprus. Buyers are in a strong negotiation
position and there are certainly bargains to be had on the island.”