Axia Valuers

RICS Cyprus Property Index Q2, 2018

This is the thirty-fifth 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 second quarter of 2018 the Cyprus economy showed further signs of recovery, with a seasonally adjusted quarterly GDP growth of 0.8% and an annual seasonally adjusted GDP growth of 3.9%. Unemployment dropped significantly to 7.3% from 10.6% a year ago and from the record high of 17,6% in 2015Q1. The improved confidence in the Cyprus banking system and the improved availability of finance have consequently assisted in a relatively higher transaction volume during the quarter, which further enhanced market sentiment. However, the issue of NPLs and DFAS by most banks continue to be present in the market.

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