THE CYPRUS Statistical Service (CYSTAT) announced that prices for houses and apartments in Cyprus fell on average 3.4 per cent between January and March 2016 in its first House Price Index (HPI) published earlier today.
The House Price Index also reports that residential property prices have fallen 1.2 per cent year-on-year.
According to CYSTAT’s press release, the HPI “captures all types of residential properties, both new and existing”.
|Year||Quarter||House Price Index (2010=100)||Quarterly Change (Compared to the previous quarter) (%)||Annual Change (Compared to the same quarter of the previous year) (%)|
(Regular readers will be aware that the RICS (Cyprus) Property Price Index is based on hypothetical properties with Title Deeds; this may help to account for the differences between the two indexes.)
Among EU Member States, the highest annual increases in house prices in the first quarter of 2016 were recorded in Hungary (+15.2%), Austria (+13.4%) and Sweden (+12.5%), while falls were observed in Italy and Cyprus (both -1.2%).
Compared with the previous quarter the highest increases were recorded in Hungary (+5.2%), Austria (+4.2%) and Romania (+3.3%), and the largest falls in Cyprus (-3.4%) and Malta (-2.8%).