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House prices rise 0.8 per cent

The Cyprus house price index (HPI) rose by 0.8 per cent in the first quarter of 2019 and by 4.3 per cent on an annual basis according to a preliminary estimate by the Cyprus Statistical Service (CYSTAT).

Cyprus house prices rise 0.8 per centTHE CYPRUS Statistical Service (CYSTAT) has announced that prices for houses and apartments in Cyprus rose by an average by 0.8 per cent in the first quarter of 2019 compared to the previous quarter in its latest House Price Index (HPI).

The HPI also reports that residential property prices in Cyprus have risen by 4.3 percent on an annual basis.

According to the CYSTAT press release, the Cyprus House Price Index (HPI) “is a quarterly index which measures the change in the average prices of residential dwellings. It captures all types of residential properties, both new and existing. The land component of the residential property is included.

“The data source used for both, indices and weights, is the Department of Lands and Surveys, Ministry of Interior. The data cover all areas which are under the control of the government of the Republic of Cyprus.”

YearQuarterHouse Price Index (2015=100)Quarterly Change (Compared to the previous quarter) (%)Annual Change (Compared to the same quarter of the previous year) (%)
2010Q1114.37-1.6-6.6
Q2112.79-1.4-6.9
Q3112.39-0.4-5.7
Q4112.05-0.3-3.6
2011Q1111.56-0.4-2.5
Q2113.992.21.1
Q3111.22-2.4-1.0
Q4107.60-3.2-4.0
2012Q1106.40-1.1-4.6
Q2106.02-0.4-7.0
Q3110.143.9-1.0
Q4108.22-1.70.6
2013Q1104.54-3.4-1.7
Q2104.770.2-1.2
Q3103.05-4.7-9.3
Q4100.780.9-6.9
2014Q198.08-2.7-6.2
Q2103.555.6-1.2
Q3102.70-0.82.8
Q4101.56-1.10.8
2015Q197.52b
Q2100.593.1
Q3102.491.9
Q499.40-3.0
2016Q197.29-2.1-0.2
Q299.181.9-1.4
Q3101.872.7-0.6
Q4102.720.83.3
2017Q199.64-3.02.4
Q2102.743.13.6
Q3102.46-0.30.6
Q4105.242.72.4
2018Q1103.34-1.83.7
Q2103.980.61.2
Q3103.30-0.70.8
Q4106.953.51.6
2019Q1107.780.84.4
Q2
Q3
Q4

b There is a break in the series in the first quarter of 2015 due to redefinition of the model variables.

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  • steve says:

    Thanks Ed, your knowledge of all aspects of the Cyprus property market is very impressive and reflects the time and effort you have put in. My teachers at school taught me that knowledge is power and ignorance is weakness.

  • Steve says:

    I wonder if the house prices collected are based on the values printed on title deeds or otherwise estimated by the Land Registry. For resales these are often way above the actual buy/sell transaction prices. 30-40% hikes are not uncommon. This appears to be based on the belief that many declared prices are actually understated because the buyer has slipped cash to the seller to declare a low price and reduce the transfer tax, which is borne by the buyer. It is hard to work out which would occur first, the transfer of title or the payment of wads of cash. Either way, someone would be taking a big risk.

    The point is that if the prices used in the surveys are the Land Registry values, the market is being distorted in terms of index increases that are not real.

    Ed: CYSTAT uses the prices declared in contracts of sale. The methodology they use is described in their press release.

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