“The Property Price Index has recorded falls in most cities and asset classes, with significant falls being recorded in Nicosia and Larnaca,” RICS said on Wednesday, adding that across Cyprus, residential prices for flats fell by 0.4% and for houses by 0.3%, compared with the first quarter of the year.

The biggest drop was in Larnaca - 1.2% for flats and 3% for houses.

An increase of 0.6% for houses was noted in Nicosia. Values of retail properties fell by an average 0.1%, offices by 1.4%, and warehouses decrease by 2.4%.

Source: Famagusta Gazette