Feb. 24 (Bloomberg) -- Home prices in Cyprus dropped in the third quarter last year for the seventh consecutive quarter amid an oversupply in housing and economic slowdown, the Central Bank of Cyprus said.

Home prices slid 5.5 percent in the third quarter from a year earlier, including a 6.7 percent decline in apartment prices and a 4.9 percent drop in house prices.

The slump in home prices was concentrated in coastal areas, the bank said in a statement on its website today.

-- Editors: James Kraus, Tim Farrand

To contact the reporter on this story: Stelios Orphanides in Nicosia at sorphanides@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net