On an annual basis, asking prices for retail space at the end of September fell by 9.6 per cent, while for apartments they dropped 6.3 per cent and for homes 4.4 per cent, an index compiled by the Cyprus branch of the Royal Institution of Chartered Surveyors (RICS) showed.
However, the fall appears to be slowing, with declines starting to slow as of the second quarter of this year.
Cyprus’ property slump is a headache for banks and mortgage holders, with homeowners left out of pocket with huge debts on property now valued at significantly lower prices.
Cyprus is working through a three-year austerity programme mandated by the European Union and the International Monetary Fund after accepting a 10 billion euro international bailout last year. (Reuters)