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.
“Data are marked as provisional and are revised as soon as new information is available.”
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%).
Source: Cyprus Property News
Author: Christos Nikolaou
BEng Mechanical Engineering, MSc Real Estate, ETEK Property Valuer, Register and Licensed Real Estate Agent.Christos Nikolaou is the founder and Managing Director of Property Canvas, he holds a license as an Estate Agent from the Association of Real Estate Agents of Cyprus and he is a registered Property Valuer in the Technical and Scientific Chamber of Cyprus (ETEK). He is the author of our “House price index fell 5.3% in 2021” and is a certified advance negotiator.
