The index is published monthly by BuySell Cyprus Real Estate, a real estate advertiser.
The company started to produce its 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 May 2007, it had reached CYP 97,064 – an increase of 24.58% over the 41 months since its introduction. This equates to an approximate annual growth of 7.19%.
For the whole of 2006, the Home Price Index rose by 5.9%, following a rise of 2.5% in 2005.
In the first 5 months of 2007, the home price index has risen by 4.04%