Language(s): Greek, Turkish, English
Total Area: 9,251 km²
Cyprus, officially the Republic of Cyprus, is an island country in the Eastern Mediterranean Sea. Cyprus is the third largest and most populous island in the Mediterranean, and a member state of the European Union.
Cyprus' residential property price index fell 5.61% during 2011 (-8.87% in real terms). Apartments suffered a 7.2% price drop, while house prices fell 4.7%. Famagusta had the largest price drop among Cyprus districts, falling 10.7% during 2011, followed by Larnaca (-8.8%) and Paphos (-8%). Nicosia had the lowest price fall of 2% during the same period, according to CBC.
Nicosia's average house price fell 3.19% from €511,642 in Q4 2010, to €495,341 in Q4 2011, according to the Royal Institution of Chartered Surveyors' (RICS-Cyprus) price index. Sales continue to decline, despite government efforts to provide more consumer protection for homebuyers. Domestic sales declined 13% April to April 2012. Sales were down in all districts except Paphos, according to the Department of Lands and Surveys.
Although revenue for tourism increased in 2011, overseas property sales still fell 21% y-o-y, from 151 contracts to 119 in April 2012, because of the ailing UK economy (70% of all foreign buyers are British) and Cyprus' tarnished reputation for questionable Title Deeds.