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Cyprus house prices up 2.7 per cent

The Cyprus house price index (HPI) rose by 2.7 per cent in the fourth quarter of 2017 and rose 2.4 per cent on an annual basis according to a preliminary estimate by the Statistical Service.

Cyprus house pricesTHE CYPRUS Statistical Service (CYSTAT) has announced that prices for houses and apartments in Cyprus rose on average by 2.7 per cent in the fourth quarter of 2017 compared to the third quarter in its latest House Price Index (HPI).

The HPI also reports that residential property prices in Cyprus have risen by 2.4 percent on an annual basis.

According to CYSTAT’s press release, the Cyprus House Price Index “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.”

YearQuarterHouse Price Index (2010=100)Quarterly Change
(Compared to the previous quarter) (%)
Annual Change
(Compared to the same quarter of the previous year) (%)
2017Q199.64-3.02.4
Q2102.743.13.6
Q3102.46-0.30.6
Q4105.242.72.4
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

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

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  • Steve says:

    The numbers tell a sorry story for anyone who bought property here 10 years ago. In Q1 2010 the index was 114.37, whereas Q1 2017 was 99.64 a fall of 13%. Only buyers in three quarters in 2014-2015 would have been in positive property values in 2017.

    It was a smart move to choose 2010 as index 100, because my memory tells me the two previous years showed the biggest falls in decades. Someone who bought between 2004 (May 1 – entry into the EU) and 2008 has lost out big time. It should come as no surprise to us that the deeds office inflates transfer values – not only does that increase transfer duty, but it can also bring into the equation CGT on sale of the property.

    2008 seems a long time ago and electors generally have short memories when it comes to voting for parties that presided over economic and other disasters, so we may well see AKEL, the Cyprus communist party, back in power at the next election.

  • John says:

    Wow house prices up 2.7%

    What you have to consider is that Estate agents out in Cyprus want up to 15% commission!

    Ed: The usual commission is 5% (+VAT) and this can be negotiated – and I know of one estate agent who charges 4%.

  • embapaphos says:

    All i can say is that the faster the banks enforce strict policies on defaulters, the more the market will be flooded with cheaper priced properties hopefully leading to a correction in prices.

    Leaving things as they are we are headed for another bubble, already rent costs are becoming prohibitive for most!

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