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Cyprus Property Price Index Q2 2020 - RICS reports quarterly property price falls

During the second quarter of 2020, the Cyprus economy continued to decline, with a seasonally adjusted quarterly GDP change of -11.6% and an annual seasonally adjusted GDP change of -11.9%. This is likely due to the effects of the COVID-19 pandemic becoming more apparent in Cyprus during the second quarter of 2020, after a nationwide quarantine lockdown that was set into motion in March 2020.

Across Cyprus, residential prices for both houses and flats decreased on a quarterly basis by -0.46% and -0.93% respectively, with the biggest decreases being in Nicosia, -1.51% for flats and in Larnaca -3.89% for houses.

Across Cyprus, on an annual basis, prices increased by 0.67% for flats, by 1.01% for houses and by 0.13% for offices. Prices decreased by -0.38% for retail and -0.15% for warehouses.

Lambros Kaloyirou BSc (Hons) MRICS .

Urban Keys Chartered Surveyors Ltd .

www.urban-keys.com.

70, 28TH October Ave 2414, Nicosia, Cyprus. .

Telephone: +357 22 27 00 19 .

E-mail: [email protected]

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