THE CYPRUS Statistical Service (CYSTAT) announced that prices for houses and apartments in Cyprus fell on average 3.4 per cent between January and March 2016 in its first House Price Index (HPI) published on the 12/07/2016. The House Price Index also reports that residential property prices have fallen 1.2 per cent year-on-year. According to CYSTAT’s press release, the HPI “captures all types of residential properties, both new and existing”. According to preliminary estimate of the Statistical Service, the HPI for the first quarter of 2016, amounts to 86,32 units. Compared to the fourth quarter of 2015, the index decreased by 3,4% while when compared with the corresponding quarter of 2015, HPI decreased by 1,2%. Among EU Member States, the highest annual increases in house prices in the first quarter of 2016 were recorded in Hungary (+15.2%), Austria (+13.4%) and Sweden (+12.5%), while falls were observed in Italy and Cyprus (both -1.2%). Compared with the previous quarter the highest increases were recorded in Hungary (+5.2%), Austria (+4.2%) and Romania (+3.3%), and the largest falls in Cyprus (-3.4%) and Malta (-2.8%).
PS: The RICS (Cyprus) Property Price Index which is based on ‘hypothetical properties’ with Title Deeds; this may help to account for the differences between the two indexes.
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