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 price index started in January 2004, the average price of a residential property in Cyprus was €133,117. By the end of 2007, it had reached €185,117 – an increase of 39.06% over the 48 months since its introduction. This equates to an approximate annual growth of 9.77%.
During 2005, the Index rose by 2.48%.
During 2006, the Index rose by 5.87%.
During 2007, Index rose by 16.13%.
In 2008, the ‘Home Price Index will be published quarterly.