Cypriot property prices have fallen for the sixth consecutive quarter, according to reports from the Central Bank of Cyprus.
During April, May and June of this year house and apartment prices fell by 0.9% - and on an annual basis prices have fallen by nearly 5%.
Over the past twelve months, Paphos has suffered the biggest fall in apartment prices (-18.4%) followed by Larnaca (-10.8%). Apartment prices in the seaside towns also fell, with Famagusta being the worst-hit area, while those in the island's capital, Nicosia, appear to have stabilised.
The falling prices are being blamed on a variety of factors including the country's high unemployment, high interest rates and the fact that during the boom years prices spiralled to an unrealistic level.
While home owners in the country may be looking at the figures with concern, it is good news for those considering purchasing an overseas property as there are bargains to be had even in the most popular resort areas.
And property valuer Polys Kourousides believes that property prices will continue to fall. He said “I believe that the drop in property prices will continue in the next one and a half years unless something drastic changes things.”