Property prices in Cyprus, hold on to their levels during the second quarter of the year, despite worsening global and local economic conditions. From April to June 2008, the BuySell Home Price Index recorded a marginal decrease of 0.4% compared to the last quarter, bringing the year-on-year increase to 12.9%.
Home prices depicted a 0.3% increase during the first month of the quarter, remained constant for the second month and declined by 0.7% in June. The marginal decline of the Index during the second quarter restricted the year-to-date increase to 2.8%. The BuySell Home Price Index closed at 143.02 units (June 2008) bringing the Average Home Price in Cyprus to EUR 190,391 (CYP 111,431).
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 (available at www.mapsplatis.com/research).
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 2nd Quarter 2008 Press Release published by MAP S.Platis.