HOUSE prices in Cyprus, in the first quarter of 2008, appear resilient in the face of worsening global economic conditions. From January to March 2008, the BuySell Home Price Index recorded a total increase of 3.3% compared to December 2007, bringing the year-on-year increase to 18.6%.
House prices depicted a 3.6% increase during the first month of 2008, more than covering for the December 1.9% fall. Home prices resumed their upward sloping path during February with an increase of 1%, whilst the quarter ended with a decrease of 1.3% for March. The BuySell Home Price Index closed at 143.64 units (March 2008) bringing the Average Home Price in Cyprus to €191,216 (CYP 111,914).
The BuySell Home Price Index was created and is updated monthly on behalf of BuySell Cyprus Real Estate by MAP S. Platis. The Index is announced quarterly and depicts the movement of prices at which residential properties are sold in Cyprus, based on the extensive BuySell Cyprus Real Estate database.
For more information on the methodology of the Index and on Hedonic Prices please refer to: The “Asking Price and Transaction-based Indices for the Cyprus Housing Market (Rebased)” by Dr. Stelios Platis and Marios Nerouppos of MAP S. Platis.
The BuySell Home Price Index constitutes the only valid gauge of the Cyprus housing market and is considered as an effective tool for home buyers, sellers and investors.
Reproduced from the 1st Quarter 2008 Press Release published by MAP S.Platis.
The chart below has been produced using the figures provided by MAP S.Platis.
(Click to view a larger image)