Cyprus Mail

Home prices drop a quarterly 1.8% in Q4, the central bank says

Still no way out for 'trapped ' homeowners and their title deeds

By Stelios Orphanides

The home price index fell 1.8 per cent in the fourth quarter of 2014 compared to the previous quarter to 74.3 units, the lowest level since peaking at 105.5 in 2008, the central bank said.

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 per cent, while in January to March, it was 2.7 per cent.

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