Press Releases

Annual Change 1,2%

According to preliminary estimate of the Statistical Service, the House Price Index (HPI) for the second quarter of 2018 amounts to 103,98 units. Compared to the first quarter of 2018, the index increased by 0,6% while compared to the corresponding index of the previous year, the index increased by 1,2%.

The fluctuation of the Index for the period between the second quarter of 2017 and the second quarter of 2018 as well as the quarterly and annual percentage changes are presented in the following table:

                              * compared with the same quarter of the previous year

Μethodological notes 

Definition

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.

Data source

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 compilation

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.

Base year

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

Data revision

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

Further information

Constandia Papageorgiou: Tel: +35722602116, Email: cpapageorgiou@cystat.mof.gov.cy

Andri Eftychiou: Τel: +35725878595, Email: aeftychiou@cystat.mof.gov.cy