Cyprus & World News

CYPRUS: House Price Index up 3.1% q-o-q in 4Q2016

12 April, 2017

The House Price Index (HPI) for the fourth quarter of 2016, reached 90.50 points, up 3.1% from the third quarter, and 2.8% from the year earlier, according to a preliminary estimate of the Statistical Service Cystat.

For the period between the first and the fourth quarter of 2016, the Index recorded 85.52 points in the first quarter (-2.9% q-o-q, -1.0% y-o-y), 87.56 points in the second (+2.4% qoq, -1.7% yoy), 87.76 points in the third (+0.2% qoq, -3.3% yoy) and 90.50 points in the fourth quarter (+3.1% qoq, +2.8% yoy).
The index base of 100 points was 2010, hence, current prices are at a 10% discount to six years ago.
The 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 also included. The data source is the Department of Lands and Surveys, Ministry of Interior.