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Property prices in Cyprus fell by an average of 4.5% in the first quarter of 2010. The main reason being the decrease in the number of overseas buyers due to the global economic crisis, according to the Cyprus Property Price Index (RIC).
 

Overseas property buyers have declined by 80% from the 2005 -2008 period.
 

The data provided by the Royal Institute of Chartered Surveyors showed real estate suffering badly in main tourist areas, which account for a key part of the national economy.
 

With the decline in revenue from tourism and real estate Cyprus went into recession in 2009. Earlier this month Central Bank Governor Athanasios Orphanides urged immediate steps to curb government spending to get the public finances back on track.
  
  

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