BuySell Cyprus Real Estate, a real estate advertiser, publishes a monthly ‘Home Price Index’ – the only one of its kind in Cyprus.
The company started to produce the 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 property sales/month.
When the index started in January 2004, the average residential property price was CYP 77,910. By the end of July 2007, it had reached CYP 100,546 – an increase of 29.05% over the 43 months since its introduction. This equates to an approximate annual growth of 8.11%.
For the whole of 2006, the Index rose by 5.87%, after a rise of 2.48% in 2005.
In the first 7 months of 2007, the Index has risen by 7.78%