HOUSE prices in Cyprus, in the third quarter of 2008, remain resilient despite the worsening global economic conditions. From July to September 2008, the BuySell Home Price Index recorded a total increase of 1.5% compared to the last quarter. However, the year-on-year rate of increase decelerated (compared to the last two quarters), coming down to 9.0%.
Home prices depicted a marginal decrease of 0.4% during the first month of the quarter, following the small decline of the last quarter. However, house prices increased in August and September by 1% each month, driving the year-to-date increase to 4.4%. The BuySell Home Price Index closed at 145.23 units (September 2008) bringing the Average Home Price in Cyprus to €193,323.
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 3rd Quarter 2008 Press Release published by MAP S.Platis.