Press Releases

 

According to preliminary estimate of the Statistical Service, the House Price Index (HPI) for the fourth quarter of 2017 amounts to 105,24 units. Compared to the third quarter of 2017, the index increased by 2,7%, while compared to the corresponding index of the previous year, the index increased by 2,4%.

 

The fluctuation of the Index for the period between the fourth quarter of 2016 and the fourth quarter of 2017, as well as the quarterly and annual percentage changes are presented in the following table:

 

	Q4 2016	Q1 2017	Q2 2017	Q3 2017	Q4 2017
HPI(2015=100)	102,72	99,64	102,74	102,46	105,24
Quarterly change (%)	0,8	-3,0	3,1	-0,3	2,7
Annual change* (%)	3,3	2,4	3,6	0,6	2,4

 

 

 

 

 

 

 

* compared with the same quarter of the previous year

 

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.

 

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 startum in the previous year.

 

The index reference period was 2005=100 for the period between 2010 and 2016. Starting from the first quarter of 2017, the base year is 2015=100.

 

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

 

Constandia Papageorgiou: Tel: +35722602116, E-mail: cpapageorgiou@cystat.mof.gov.cy

Andri Eftychiou: Τel: +35725878595, E-mail: aeftychiou@cystat.mof.gov.cy

 

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