NICOSIA, March 18 (Reuters) - Property prices in Cyprus slumped further in the last quarter of 2013 as a liquidity crunch, rising unemployment and an economic recession on the bailed-out island sapped demand, a survey showed on Tuesday.
On an annual basis, asking prices for retail space were down as much as 19.8 percent, while home prices fell 10.5 percent, an index compiled by the Cyprus branch of the Royal Institution of Chartered Surveyors (RICS) showed.
Cyprus property sector was buoyant for several years, propped up by the holiday home market, but prices have been sliding progressively since 2009.
RICS said the Cypriot capital, Nicosia, previously more resilient, saw the most pronounced drop in prices in the last quarter. Other districts were showing signs of bottoming out.
Rents fell by as much as 29 percent on an annualised basis, RICS said.
Cyprus is working through a three-year austerity programme mandated by the European Union and the International Monetary Fund after accepting a 10 billion euro international bailout last year.
(Writing By Michele Kambas; Editing by Hugh Lawson)
((michele.kambas@thomsonreuters.com))
Keywords: CYPRUS REALESTATE/
