Cypriot property prices rise in Q1 2008
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News on Cyprus
9 May 2008
Average property prices in Cyprus rose by 3.3% during the first three months of 2008, compared with December 2007, despite the worsening global economic conditions, according to the latest BuySell Home Price Index.
The average price of a Cypriot home prices now stands at just over €191,000 (around £151,460), bringing the year-on-year increase to 18.6%.
Lisa Chrysostomou, marketing manager for BuySell comments: “The current Cypriot market is looking healthy and offers a promising growth on property prices. We look forward to prices continuing to rise, as Britons discover the financial and lifestyle benefits of owning property in Cyprus.”
Editor's comment
Average Cypriot property prices may have appreciated by around €6,000 during the first three months of 2007. But in reality, the cost for Brits buying property in Cyprus has soared by a lot more. The average Cypriot property price of €185,000 posted by the BuySell Home Price Index in December, equated to around £137,000 at the time. The inflated average property price of €191,000, is today equal to almost £151,500, because of the weakened pound against the euro. That’s a hike of almost £15,000. Is now really the best time to buy property in Cyprus?
E-mail your views to the editor at mds@globespanmedia.com.