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Tuesday 1st December 2020
Home Property Prices Cyprus house price index falls 2.9 per cent

Cyprus house price index falls 2.9 per cent

The Cyprus Statistical Service (CYSTAT) has announced that the house price index fell by an average by 2.9 per cent on an annual basis in its latest House Price Index (HPI) press release.

The HPI also reports that residential property prices in Cyprus rose by 0.3 per cent compared to the previous quarter.

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.

“Data are marked as provisional and are revised as soon as new information is available.”

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 103.10 -2.0 3.5
Q2 104.01 0.9 1.2
Q3 103.12 -0.9 0.6
Q4 107.04 3.8 1.7
2019 Q1 107.93 0.8 4.7
Q2 112.73 4.5 8.4
Q3 105.64 -6.3 2.4
Q4 106.51 0.8 -0.5
2020 Q1 109.13 2.5 1.1
Q2 109.48 0.3 -2.9
Q3
Q4

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

5 COMMENTS

  1. As a UK national considering Cyprus for a second home that made for very interesting reading Richard :)
    Thankyou.

  2. Thanks for sharing Nigel.

    Really comes as little/no shock. The market was hyper-inflated in 2005-2009 – underpinned by reckless & feckless bank valuations higher than the net worth of the properties. This led to poor-quality, unsustainable lending practices.

    Cyprus is no superstate. It’s been a largely corrupt, myopic, self-serving and badly run Republic with a long history of malpractice and a very way to go to regain ‘trusted investor’ status it so desperately needs.

    It can de done. I’ve never said this before on this forum – but I will now.

    I think a lot of what has been done in Cyprus to overseas investors was the Cypriots way of ‘getting back’ at some nations over the events of the early 1970’s. Deep seated, brooding resentment over the non-intervention by countries such as the UK and the USA in not ‘stepping in’ to intervene in the conflict.

    Cyprus wanted their independence from Britain (as did most ‘colonies’ after WW2). We gave them that – in 1960. Once you have your sovereign independence – it’s YOUR responsibility to maintain peace, not that of you former colonial masters. It’s on YOUR shoulders – not those of any other country.

    So – now – 45 years on – Cyprus will never, ever get to where it wants to be if it’s still operating under a ‘we’ll get you’ mindset. You’ll always be peasants rolling around in the mud – rather than kings & queens of a proper thriving sovereign state. Peasants throwing mud and rocks at strangers. No matter how many people you rob, cheat and steal from – it’ll never, ever get you what you want Cyprus.

    You want to be kings & queens? Then clear your corrupt debts fairly. Put right what you’ve done wrong. Clear your ‘cheat ledgers’. Write off your corruption and start squaring up to better practices. It’s the hard way – but it’s the right way. Get some of your leaders to visit Costa Rica – see how it’s possible to turn a failing 20th Century state into one fit to lead the world by example in the 21st Century.

    Cyprus can do it – their leaders can do it – their banks can do it – their people can do it. Right now though – collectively, they’re stuck as peasants in the mud. Hanging onto toxic debt. Screwing foreign investors. Cosying up to gangsters. Making the right noises, but taking few of the right actions.

    And guess what will happen if Cyprus does far more of the right things? Investment will return. Progress will be made. Oh, and house prices might start rising………..

    Food for thought Cyprus? Robbing people never made anyone truly wealthy. Robbing people is for desperate peasants, with a peasant’s scarcity mindset.

    You have a beautiful little country there. A real jewel in the Med. It just needs cutting & polishing…

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