House rates in Cyprus ease in Q4

House rates in Cyprus ease in Q4

Cyprus’ House Price Index decreased by 4% in the fourth quarter of 2022 and amounted to 108.03 units, compared to the third quarter, when it was at 112.51, according to a preliminary estimate of the Cyprus Statistical Service (CyStat), published on Tuesday.

Compared to the index in the corresponding quarter of 2021, when it was at 103.44, it increased by 4.4% in the fourth quarter of 2022.

The House Price Index measures the quarterly changes in the average prices of residential housing units. It covers all types of residential properties, both new and existing. The land component of the residential property is included.

The data for Q4 constitute a considerable swing from the third quarter, when the index had shown annual growth of 5.3% and a quarterly expansion of 5.8% from Q2.

It is reminded that in February the Ask WiRE Index showed apartment prices across Cyprus rose 9.9% in Q4, while other house prices rose just 1% year-on-year.

The rates for offices climbed 0.3% annually, for holiday apartments 4.7% and for holiday homes 0.9%.

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