THE CYPRUS Central Bank’s ‘Home Price Index’ reports that home prices recorded the third consecutive quarterly rise (0.3 per cent) during the first quarter of 2017.
House prices rose 0.2 per cent in the first quarter of 2017 compared with the first quarter of 2016; the first annual increase recorded in seven years. Apartment prices rose by an annual 1.5 per cent, while house prices rose 0.3 per cent.
The Central Bank reports that the continued quarterly increases, although small, confirm the course of recovery in the Cyprus real estate sector.
During the first three months of the year, house prices in Nicosia rose 0.2 per cent for a third consecutive quarter. Home prices in Limassol rose by 0.9 per cent, while in Famagusta they rose 0.1 per cent. However, house process in Larnaca and Paphos fell 0.7 per cent and 0.6 per cent respectively.
House prices in Limassol rose by an annual 0.9 per cent. However, on an annual basis, house prices in Famagusta fell 3.7 per cent, while in Paphos, Larnaca and Nicosia they fell by 1.4 per cent, 0.8 per cent and 0.1 per cent respectively.
The Central Bank notes that “these annual reductions are slowing and it is expected that as the recovery of real estate sector continues, prices will rise in the near future.”