The Cyprus House Price Index (HPI) rose by 2.7 per cent on an annual basis in the third quarter of 2024 according to preliminary figures in a press release issued by the island’s Statistical Service (CYSTAT).
Compared to the second quarter of 2024, the HPI rose by 0.7 per cent in the third quarter.
The base year for the HPI is 2015=100 and the Index at the end of Q3 2024 stood at 110.65.
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.”
In its press release, CYSTAT advised that “the data are stratified into two strata; old and new dwellings. For each stratum a rolling window hedonic regression model is used in order to calculate the sub-indices. Then, the sub-indices are weighted based on the sum of the value of the properties of each stratum in the previous year.”
| 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 | |
| 2022 | Q1 | 103.95 | 0.5 | 1.1 |
| Q2 | 106.35 | 2.3 | 2.0 | |
| Q3 | 109.95 | 3.4 | 2.9 | |
| Q4 | 108.27 | -1.5 | 4.7 | |
| 2023 | Q1 | 110.31 | 1.9 | 6.1 |
| Q2 | 110.15 | -0.1 | 3.6 | |
| Q3 | 110.65 | 0.4 | 0.6 | |
| Q4 | 109.95 | -0.6 | 1.6 | |
| 2024 | Q1 | 111.53 | 1.4 | 1.1 |
| Q2 | 112.86 | 1.2 | 2.5 | |
| Q3 | 113.62 | 0.7 | 2.7 |
b There is a break in the series in the first quarter of 2015 due to redefinition of the model variables.
