The Cyprus House Price Index (HPI) fell by 4.8 per cent in the third quarter of 2020 compared to the previous quarter according to preliminary figures in a press release issued by the island’s Statistical Service (CYSTAT).
The HPI also reports that residential property prices in Cyprus fell by 1.3 per cent on an annual basis.
According to CYSTAT, 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) (%)|
b There is a break in the series in the first quarter of 2015 due to redefinition of the model variables.
Eurostat reports house price trends and rents
Earlier today, the European Union published a newsrelease reporting house price movements throughout the EU member states.
Eurostat reports that compared with the second quarter of 2020, house prices rose by 1.3% in the euro area and 1.4% in the EU in the third quarter of 2020.
House prices in Cyprus recorded the highest annual fall of 1.4% in the third quarter of 2020, the highest quarterly fall of -4.8%.
Cyprus had the third biggest fall in house prices (-7.7%) in the EU over the past decade behind Greece (-31.0%) and Italy (-15.5%)- and the second highest fall in rents (-4.5%) behind Greece (-25.2%).