The slowing down of the price drop led the general index to the same level as in the third quarter of 2006, “the year in which the excessive demand for housing loans began,” the Central Bank of Cyprus said in a statement on its website today. The quarter on quarter price decline in the second and third quarter was 2%, while in January to March, it was 2.7%.

In October to December, house and apartment prices fell 2.1% and 1.5% respectively compared to the third quarter, the central bank said. Home prices fell 8.2% in the last quarter of 2014 compared to a year ago, after falling an annual 8.9% in July to September.

Home prices fell in all districts in the fourth quarter of 2014 at a slower rate, except in the Famagusta district, where the rate of the price decline accelerated to 2.6% compared to the third quarter, the central bank said.

In Paphos, prices fell 0.6%, the smallest drop island wide, while in Nicosia, Limassol and Larnaca, they fell 2.1%, 2% and 1% respectively.

Source: Cyprus Mail