After four successive months of falls, the Cyprus home price index recorded a rise of 2.6% in January 2007.
The Cyprus property price index is published monthly by BuySell Cyprus Real Estate, a real estate advertiser.
The company started to produce its property price index in 2004. It shows the movement of prices at which residential properties in Cyprus are sold and is based on an average of around 400 to 500 home sales/month.
When the index started in January 2004, the average residential property price was CYP 77,910. By the end of January 2007, it had reached CYP 93,288 – an increase of 19.74% over the 37 months since its introduction. This equates to an approximate annual growth of 6.40%.
For the whole of 2006, the Home Price Index rose by 5.9%, after a rise of 2.5% in 2005.