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Cyprus home prices fall 1.4 per cent

Although a quarterly fall of 1.4 per cent in Cyprus home prices was recorded during the first quarter of 2017, prices rose 4.1 per cent on an annual basis according to a press release from the Cyprus Statistical Service (CYSTAT)

Cyprus home pricesACCORDING to preliminary estimate of the Statistical Service, the Home Prices Index for the first quarter of 2017 amounts to 101.32 units (new base year 2015=100).

Compared to the fourth quarter of 2016, the index decreased by 1.4% while compared to the corresponding index of the previous year, the index increased by 4.1%.

YearQuarterHouse Price Index (2010=100)Quarterly Change (Compared to the previous quarter) (%)Annual Change (Compared to the same quarter of the previous year) (%)
2017Q1101.32-1.44.1
Q2
Q3
Q4
2016Q197.29-2.1-0.2
Q299.181.9-1.4
Q3101.872.7-0.6
Q4102.720.83.3
2015Q197.52b
Q2100.593.1
Q3102.491.9
Q499.40-3.0
2014Q198.08-2.7-6.2
Q2103.555.6-1.2
Q3102.70-0.82.8
Q4101.56-1.10.8
2013Q1104.54-3.4-1.7
Q2104.770.2-1.2
Q3103.05-4.7-9.3
Q4100.780.9-6.9
2012Q1106.40-1.1-4.6
Q2106.02-0.4-7.0
Q3110.143.9-1.0
Q4108.22-1.70.6
2011Q1111.56-0.4-2.5
Q2113.992.21.1
Q3111.22-2.4-1.0
Q4107.60-3.2-4.0
2010Q1114.37-1.6-6.6
Q2112.79-1.4-6.9
Q3112.39-0.4-5.7
Q4112.05-0.3-3.6

b There is a break in the series in the first quarter of 2015 due to redefinition of the model variables.

Home prices in the euro area

According to a Eurostat news release house prices rose during the first quarter of 2017 were up 4.0% in the euro area compared with first quarter of 2016 and by 4.5% in the European Union.

Among the Member States for which data are available, the highest annual increases in house prices in the first quarter of 2017 were recorded in the Czech Republic (+12.8%), Lithuania (+10.2%) and Latvia (+10.1%), while prices fell in Croatia (-0.4%) and Italy (-0.1%).

Compared with the previous quarter, the highest increases were recorded in the Czech Republic (+2.9%), Latvia (+2.8%) and Sweden (+2.5%), and the largest decreases in Malta (-5.4%), Slovakia (-2.4%) and Cyprus (-1.4%).

Further reading

Cyprus House Price Index (HPI) Q1 2017

Eurostat newsrelease ‘House prices–annual rate of change for the euro area and the EU’

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