In February, home selling prices in Cyprus recorded a marginal increase of 0.3% over the previous month.
The BuySell Home Price Index reached 120.14, bringing the average home price to £ 93,598.
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 February 2007, it had reached CYP 93,598 – an increase of 20.14% over the 38 months since its introduction. This equates to an approximate annual growth of 6.36%.
For the whole of 2006, the Home Price Index rose by 5.9%, after a rise of 2.5% in 2005.