Rents keep decreasing in Paphos, according to the second RICS Cyprus Property Price Index

Prices for apartments in Cyprus dropped averagely 4.5% comparing to the data published in the first Cyprus Property Index by Royal Institute of Chartered Surveyors.
This index is created to analyse prices for properties and rents across Cyprus and monitor variations in residential properties (apartments an houses) as well as commercial units (offices, warehouses and retail spaces).

Pavlos Loizou MRICS, Member of RICS in Cyprus said:
“The beginning of 2010 finds Cyprus affected by the global economic crisis. The economy experienced a slowdown, there is a decline in government tax revenues, and a significant decrease in real estate transactions. This latter phenomenon is due to reduced activity by foreign investors – and 80 per cent reduction between 2005 and 2008 – and the limit on loans from the banks and other financial institutions for property purchases.”

Paphos rental prices have dropped by 2.19% for apartments and 1.8% for houses. The biggest drop in the apartment rents has been recorded in Famagusta and Paralimni areas, with an average decrease of 7.69%. Highest difference in the house rents was shown in Larnaca and Limassol - 3.9% and 3.81% respectively. A very high rise of rental prices has been recorded in Nicosia for commercial properties: 9.9% for warehouses and 11.13% for offices.