- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Fourth highest fall in house prices


Sources: OECD, Global Property Guide, Haver, and IMF calculations

CYPRUS recorded the fourth highest fall in house prices during the 4th quarter of 2013, according to IMF’s Global House Price Index.

The index is based on data from the Organisation for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF), Global Property Guide and Haver Analytics.

According to the report, the highest percentage fall was recorded in India with -9.1%, followed by Greece with -7.0%, Italy with -6.5%, Cyprus with -6.5% and Croatia with -6.3%.

The highest increase in house prices during the fourth quarter of 2013 were recorded in Philippines (10.6%), Hong Kong (10.3%), New Zealand (9.1%), China (9.1% ) and Colombia (8.1%).

The index shows also data for house prices historical averages in relation to incomes and rents.

House prices remain well above the historical averages in relation to incomes in Belgium (+49.5%), in Canada (+33.2%), in Australia (31.6%) in New Zealand (29, 7%) and in France (28.6%).

The cheapest houses in relation to the income recorded in Japan (-40.6%), Korea (-39.6%) and Germany ( -16.8%). .

The highest increases in house prices in relation to the total cost of renting were record in Canada (86.8%), New Zealand (80%) and Norway (66.5%). The highest decreases were recorded in Japan (-37.8 %), Estonia (-17.7%) and Greece (-16.3%).

– Cyprus News Agency

Further reading

International Monetary Fund Global Housing Watch