Property prices in Cyprus rose for the sixth consecutive month in August 2006, according to BuySell Cyprus Real Estate.

The company report that average prices increased by 1.6% in August, bringing the overall rise since the beginning of the year to 8.5%. The BuySell Home Price Index reveals that average Cypriot property prices now stand at £119.590.

Elsewhere, Andreas Christodoulou, the head of the Cypriot Land Registry Department, has reported that Cypriot property prices are set to appreciate by up to 12% in the short term, due to rising land values, with the coastal areas set to experience the greatest level of price growth.

ddressing the House Commerce Committee, Christodoulou said: “From studies that were carried out by the Department, it appears that the value of land will increase when it comes to plots of land, apartments and detached homes, and this is mainly due to the great demand that exists from European citizens.”