Cyprus Mail
House price index up 3.2% year-on-year
October 4, 2023
By
Nigel Howarth
The Cyprus House Price Index (HPI) rose by 3.2 per cent on an annual basis in the second quarter of 2023 according to preliminary figures in a press release issued by the island’s Statistical Service (CYSTAT).
However, HPI fell by -0.4 per cent in the second quarter of 2023 compared to the previous quarter.
The base year for the HPI is 2015=100 and the Index now stands at 109.72.
According to the CYSTAT, the Cyprus House Price Index (HPI) “is a quarterly index which measures the change in the average prices of residential dwellings. It captures all types of residential properties, both new and existing. The land component of the residential property is included.
The data source used for both, indices and weights, is the Department of Lands and Surveys, Ministry of Interior. The data cover all areas which are under the control of the government of the Republic of Cyprus.
“Data are marked as provisional and are revised as soon as new information is available.”
In an article published on 23rd September, we reported that the rise in property prices in recent years has been driven by the rising cost of construction materials and increased demand.
In that article Marinos Kineyirou, the president of the Council for Registration of Real Estate Agents, noted “We have noticed in recent times that many property owners, land development entrepreneurs, and even private individuals are seeking unnaturally high selling and rental prices for their properties,” adding “currently, there are prices that do not align with the traditional and logical parameters of the Cypriot property market.”