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Knight Frank’s newly-released ‘Global Opportunities: Assessing Value in Housing Markets Worldwide 2014’ report credits Cyprus’ mainstream market as being one of the largest ‘price fallers’ since the onset of the financial crisis.

Rounding out the top ten biggest fallers are Hungary, Spain, Croatia, Greece, Bulgaria, Lithuania, Ireland, Ukraine, and Latvia.

Whilst Hungary and Cyprus’ real estate markets fell by 21% and 22% respectively on the lower end of the scale, Ukraine and Latvia’s markets fell by some 40% and 48% on the upper end.

Regarding second home markets, Cyprus is credited as now having excess supply

The report suggests that for buyers this may be a positive development, providing a wider choice of properties and some room for negotiation on price.

Knight Frank explains that some of this excess supply may be absorbed by the new ‘Golden Visa’ initiative which offers residency to non-EU buyers in return for a capital investment or property purchase.

Whilst Cyprus has adopted such a scheme, the report notes that, as yet, there are few official statistics to confirm the extent to which, for example, the target markets of China and Russia are signing up.