Cyprus Property Price Index Q1 2017This is the thirtieth publication of RICS’ Cyprus Property Price Index, a quarterly price and rental index which is based on methodology produced by the University of Reading, UK. The Index tracks property and rental prices across all districts and main property types. Introduction & Commentary During the first quarter of 2017 the Cyprus economy showed further signs of stability, with a seasonally adjusted quarterly GDP growth of 0.6% and an annual seasonally adjusted GDP growth of 3.3%. Unemployment remained at relatively high levels, on a downtrend to ca 12.8% (from the high levels of 17%). Given prevailing economic conditions and the marginally improved confidence in the Cyprus’ banking system, there are relatively higher transactions during the quarter. Financial Institutions, despite of their NPLs, have been more willing to provide access to finance and there is an increasing interest from locals.
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