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Cyprus Sees 1.6% Rise in House Prices for Q4 2023

Cyprus House Prices Experience Modest Growth Amidst Quarterly Declines

In a recent report unveiled on Thursday, Cyprus’s real estate market showed signs of resilience with a modest year-on-year growth in house prices. The House Price Index (HPI) for the fourth quarter of 2023 indicated a 1.6 per cent increase compared to the same period in the previous year. This growth comes despite a slight downturn from the preceding quarters of the same year.

The Cyprus Statistical Service (Cystat) provided preliminary estimates showing that the Consumer Price Index (CPI) stood at 109.95 units during the last quarter of 2023. This figure marks a decrease of 0.6 per cent from the third quarter, which had seen higher levels of pricing.

However, it’s important to note that the current CPI still reflects an increase from the fourth quarter of 2022, reinforcing the upward trend in property values over the year. The first quarter of 2023 started with the CPI at 110.31 units, which then slightly dipped to 110.15 units in the second quarter, indicating a relatively stable market throughout the year.

While these fluctuations suggest a cooling off from earlier highs, the overall annual growth points to a continued confidence in Cyprus’s housing market. Investors and homeowners alike will be watching closely to see if this trend continues into the next year, amidst varying economic conditions.

Businesses Secure Long-Term Stability with New Lease Agreements

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Cyprus Sees 1.6% Rise in House Prices for Q4 2023

Cyprus House Prices Experience Modest Growth Amidst Quarterly Declines