THE CYPRUS Statistical Service (CYSTAT) has announced that prices for houses and apartments in Cyprus fell by an average by 5.9 per cent in the third 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 rose by 2.3 per cent 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.”
| Year | Quarter | House Price Index (2015=100) | Quarterly Change (Compared to the previous quarter) (%) | Annual Change (Compared to the same quarter of the previous year) (%) |
|---|---|---|---|---|
| 2010 | Q1 | 114.37 | -1.6 | -6.6 |
| Q2 | 112.79 | -1.4 | -6.9 | |
| Q3 | 112.39 | -0.4 | -5.7 | |
| Q4 | 112.05 | -0.3 | -3.6 | |
| 2011 | Q1 | 111.56 | -0.4 | -2.5 |
| Q2 | 113.99 | 2.2 | 1.1 | |
| Q3 | 111.22 | -2.4 | -1.0 | |
| Q4 | 107.60 | -3.2 | -4.0 | |
| 2012 | Q1 | 106.40 | -1.1 | -4.6 |
| Q2 | 106.02 | -0.4 | -7.0 | |
| Q3 | 110.14 | 3.9 | -1.0 | |
| Q4 | 108.22 | -1.7 | 0.6 | |
| 2013 | Q1 | 104.54 | -3.4 | -1.7 |
| Q2 | 104.77 | 0.2 | -1.2 | |
| Q3 | 103.05 | -4.7 | -9.3 | |
| Q4 | 100.78 | 0.9 | -6.9 | |
| 2014 | Q1 | 98.08 | -2.7 | -6.2 |
| Q2 | 103.55 | 5.6 | -1.2 | |
| Q3 | 102.70 | -0.8 | 2.8 | |
| Q4 | 101.56 | -1.1 | 0.8 | |
| 2015 | Q1 | 97.52b | ||
| Q2 | 100.59 | 3.1 | ||
| Q3 | 102.49 | 1.9 | ||
| Q4 | 99.40 | -3.0 | ||
| 2016 | Q1 | 97.29 | -2.1 | -0.2 |
| Q2 | 99.18 | 1.9 | -1.4 | |
| Q3 | 101.87 | 2.7 | -0.6 | |
| Q4 | 102.72 | 0.8 | 3.3 | |
| 2017 | Q1 | 99.64 | -3.0 | 2.4 |
| Q2 | 102.74 | 3.1 | 3.6 | |
| Q3 | 102.46 | -0.3 | 0.6 | |
| Q4 | 105.24 | 2.7 | 2.4 | |
| 2018 | Q1 | 103.34 | -1.8 | 3.7 |
| Q2 | 103.98 | 0.6 | 1.2 | |
| Q3 | 103.30 | -0.7 | 0.8 | |
| Q4 | 106.95 | 3.5 | 1.6 | |
| 2019 | Q1 | 107.78 | 0.8 | 4.4 |
| Q2 | 112.27 | 4.2 | 8.0 | |
| Q3 | 105.69 | -5.9 | 2.3 | |
| Q4 |
b There is a break in the series in the first quarter of 2015 due to redefinition of the model variables.
Interesting to see what the 2015 model variable redefinition involved?
Good share in the sense it perfectly plots the the volatile nature of real-estate on the island. I hope the dodgy brokers who sold this mess to ordinary people as “investable” are looking at this post. It’s nothing of the sort.
If this was any other investment portfolio – anyone with an ounce of common sense would run a mile!
As prices (and the ‘fortunes’ of anyone unlucky enough to be embroiled in it) continue to lurch all over the place – it would be good to correlate actual events (e.g ‘cash for passports’) to these changes – and try and come up with something that could potentially pass muster as a means of navigating oneself out of this mess and back into the black.