STATISTICS release by Eurostat and the Cyprus Statistical Service (CySTAT) report that home prices in Cyprus fell 0.6 per cent during the second quarter of 2016.
Eurostat home price index
According to a Eurostat news release published yesterday, home prices in Cyprus fell 0.9 per cent during the second first of 2016 compared with the previous quarter and by 8.9 per cent on an annual basis.
House prices in the Euro area rose by 2.9% and by 4.0% in the EU over the second quarter of 2016 compared with the same quarter of the previous year.
Compared with the first quarter of 2016, house prices rose by 1.4% in the Euro area and by 1.6% in the EU in the second quarter of 2016.
Highs and lows
The highest annual increases in house prices in the second quarter of 2016 were recorded in Hungary and Latvia (both +10.3%), Austria (+9.0%), the United Kingdom (+8.8%) and Sweden (+8.7%), while falls were observed in Cyprus (-8.9%) and Italy (-1.4%).
Compared with the previous quarter, the highest increases were recorded in Latvia (+6.6%), Estonia, Lithuania and Portugal (all +3.1%) as well as the United Kingdom (+3.0%), while falls were observed in Croatia and Cyprus (both -0.9%), Italy (-0.4%) and Hungary (-0.2%).
CySTAT house price index
The CySTAT house price index, which uses data from the Department of Lands & Surveys, also reports a fall of 0.9 per cent during the second quarter of 2016 compared with the previous quarter.