NICOSIA, Aug. 26 (Xinhua) -- Home prices in bailed-out Cyprus have risen for the first time in seven years on a year-on year basis, the Central Bank of Cyprus said in a statement Saturday.
It said that home prices rose 0.2 percent in the first quarter of this year compared to the same quarter in 2016, and 0.3 percent relative to the previous quarter.
"This is the first annual increase in quarterly home prices over the past seven years," it said.
The central bank added that apartment prices rose an annual 1.5 percent and house prices rose by 0.3 percent.
"The continuing quarterly increases, even though small, confirm the recovery course of the real estate sector in Cyprus as other related indicators show," the statement said.
Cyprus was pulled back from the brink of bankruptcy in March 2013 under a three-year 10-billion-euro economic assistance program offered by the Eurogroup and the International Monetary Fund, after a slowdown of the economy which started in 2010 that deepened to the extent of cutting Cyprus off the international markets.
