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Central Bank real estate price index

In its December Economic Bulletin, the Central Bank of Cyprus presented the results of the Real Estate Price Index it prepared in collaboration with domestic monetary and financial institutions.

ACCORDING to the Central Bank’s December Economic Bulletin, property prices fell by 1.8% during the first three quarters of 2010 compared to the 4.1% price fall they suffered in 2009.

This is the first time that the results of the Real Estate Index prepared by the Central Bank, in collaboration with domestic monetary and financial institutions, have been published.

The Index correlates with other trends in the housing market including the rate of change in the construction production index, the construction material price index and domestic sales of cement.

The Real Estate Price Index will be published on a quarterly basis by District and/or type of property.

The Central Bank of Cyprus is expected to provide a more detailed description of the methodology in further releases or announcements.

The Economic Bulletin also reported that loans to the real estate sector at the end of September accounted for 20.6 percent of total domestic loans while home loans increased 15.4 percent in September this year compared to September 2009.

Editor’s note

View the Central Bank’s December Economic Bulletin (Greek). Information on the Real Estate Price Index can be found on page 64.

Readers' comments

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  • @Yiannos – that is true, but the Land Registry has a ‘Valuations Desk’ where they scrutinise contracts when people pay their Property Transfer Fees.

    If the staff consider that the declared sale price (the price on the contract) is too low, they will adjust it and people will be asked to pay Property Transfer Fees based on the adjusted figure.

  • Yiannos says:

    Land registry is not a true indication of values.

    Typically people give cash under the table here, and declare less at the land registry. Anything from 20-50%

  • dimitri says:

    I agree cannot be trusted, just like the overpriced bit of land they are trying to flog to the Arabs in Nicosia where valuations vary greatly depending on who does the valuation….just to get of feel of how over priced things are 4 bed semi in Limassol no more that 100meters from the busy Paphos/Limassol/Larnaca highway, seller looking for 700k! they must be off their rocker! justifications is that pricing is due to location i.e in the vicinity of a busy clinic and other doctors, what a load of rubbish, just greed is the reason….sad

  • Dee says:

    No-one, except those which ‘compiled’ these figures, is going to have any faith/trust in them.

    As has been said before, the only true indication is the sales figures from the Land Registry.

    More smoke and mirrors from this unfortunate government.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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