Q3 property prices, rents fall by 9.6% and 11% respectively

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By Stelios Orphanides

Real property prices continued to decline in the third quarter of 2014 as access to credit remains limited and high unemployment continues to weaken demand, the Royal Institution of Chartered Surveyors said.

House prices fell 4.4 per cent in July to September compared to a year before and 1.6 per cent compared to April to June, RICS said in an emailed statement today. Apartment prices fell an annual 6.3 per cent and 1 per cent quarterly.

House prices fell the most in Nicosia by 3.4 per cent compared to the previous quarter while in the case of apartments the largest decline was observed in Paphos with 1.4 per cent.

Prices for retail shops, offices and warehouses fell in July to September 9.6 per cent, 6.3 per cent and 4.2 per cent compared to the third quarter of 2013 respectively, RICS said. Compared to the second quarter, prices for retail shops and offices fell 2 per cent and 1.4 per cent while warehouse prices remained unchanged.

In the third quarter, rent prices for all kinds of immovable property fell, the statement said. House rents fell 4.1 per cent compared to a year ago and 0.9 per cent compared to the second quarter, 4.7 per cent and 1.2 per cent in the case of apartments, 11 per cent and 3.2 per cent in the case of shops, 4.6 per cent and 0.9 per cent in the case of offices and 9.2 per cent and 0.4 per cent in the case of warehouses, the statement said.

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Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]