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23rd May 2022
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HomeProperty PricesHouse price index fell 5.3% in 2021

House price index fell 5.3% in 2021

The Cyprus House Price Index (HPI) fell by 5.3 per cent on an annual basis at the end of 2021 according to preliminary figures in a press release issued by the island’s Statistical Service (CYSTAT).

The HPI also reports that the price of residential properties in the fourth quarter of 2021 fell by 3.1 per cent compared to the previous quarter.

The base year for the HPI is 2015=100 and the Index now stands at 103.28.

According to the 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) (%)
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 104.21 -4.8 -1.3
Q4 109.10 4.7 2.4
2021 Q1 102.82 -5.8 -5.8
Q2 104.07 1.2 -4.9
Q3 106.55 2.4 2.2
Q4 103.28 -3.1 -5.3

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

Home prices in Europe

Meanwhile Eurostat reports that rents have increased by an average of 16% and house prices by 42% in EU member states since 2010

Since 2010, house prices more than doubled in Estonia, Hungary, Luxembourg, Latvia, Czechia, Austria and Lithuania

When comparing the fourth quarter of 2021 with 2010, house prices increased more than rents in 19 EU Member States. House prices increased in 24 EU Member States and decreased in three, with the highest rises in Estonia (+156%), Hungary (+128%) and Luxembourg (+124%). Decreases were observed in Greece (-23%), Italy (-12%) and Cyprus (-9%).

When comparing the fourth quarter of 2021 with 2010 for rents, prices increased in 25 EU Member States and decreased in two, with the highest rises in Estonia (+171%), Lithuania (+113%) and Ireland (+74%). Decreases were recorded in Greece (-25%) and Cyprus (-1%).

European house prices and rents

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