Cyprus Mail

Homes more affordable to workers now than 6 years ago

By Stelios Orphanides

Housing in Cyprus has become much more affordable to workers in recent years mainly as a result of the drop in property prices which more than offset the drop in incomes, an analysis of data showed.

Data of the Royal Institute of Chartered Surveyors about home prices in Cyprus and Cyprus’s statistical service, known as Cystat, showed that in the second quarter of 2015, an average worker had to spend the equivalent of 53.5 monthly salaries to acquire an 85 square meters apartment of average quality, compared to 89.7 monthly salaries in the fourth quarter of 2009.

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