The Cyprus Statistical Service (CYSTAT) has announced that house price index rose by an average by 2.5 per cent in the first quarter of 2020 compared to the previous quarter in its latest House Price Index (HPI).
The HPI also reports that residential property prices in Cyprus rose by 1.1 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) (%)|
b There is a break in the series in the first quarter of 2015 due to redefinition of the model variables.
House price developments in the EU Member States
House prices, as measured by the House Price Index, rose by 5.0% in the euro area in the first quarter of 2020 compared with the same quarter of the previous year. This is the highest annual increase since the second quarter of 2007.
In the EU house prices rose by 5.5% compared with the same quarter of the previous year. The data were not affected by the COVID-19 containment measures that Member States began to introduce during this period.
Compared with the fourth quarter of 2019, house prices rose by 0.9% in the euro area and 1.2% in the EU in the first quarter of 2020.
Among the Member States for which data are available, the highest annual increases in house prices in the first quarter of 2020 were recorded in Luxembourg (+14.0%), Slovakia (+13.1%), Estonia (+11.5%), Poland (+11.3%) and Portugal (+10.3%), while prices only fell in Hungary (-1.2%).
Compared with the previous quarter, the highest increases were recorded in Portugal (+4.9%), Estonia (+4.8%) and Slovakia (+4.0%), while decreases were observed in Malta (-4.3%), Hungary (-1.1%), Ireland (-0.8%) and Belgium (-0.1%).
(These figures come from Eurostat, the statistical office of the European Union.)