On Friday 10th December, the Cyprus Statistical Service released the Residential Property Price Index (HRC) for the third quarter.
According to the new data, house prices in the island nation increased on both a quarterly and annual basis. However, the rate of increase slowed slightly compared to the previous quarter.
In particular, compared to the second quarter of 2024, the index rose by just 0.7%, but on an annualised basis it has already increased by 2.7% to 113.62 points. The agency noted that this is the largest increase since the third quarter of 2023. Moreover, the index has risen for the 11th consecutive quarter.
Recall that the Cyprus House Price Index (HPI) is a quarterly index that measures the change in average residential property prices. It covers all types of residential property, both new and second hand. The source of the data used to compile the indices is the Land and Surveys Department of the Ministry of the Interior. The data cover all areas under the control of the Government of the Republic of Cyprus.
At the same time, Cyprus recorded the lowest house price growth between 2010 and the third quarter of 2024 compared to the rest of the EU Member States.
Data recently published by Eurostat show that in the third quarter of 2024, house prices in the European Union increased by 3.8% and rents by 3.2% compared to the same period in 2023. In Cyprus, these figures were 1.4% and 0.9% respectively.
In turn, between 2010 and the third quarter of 2024, house prices in the EU increased by 54.1% and rents by 26%.
Comparing data from the third quarter of 2024 with data from 2010, house prices will increase more than rents in the 20 EU countries. Hungary and Estonia (+230%) led the way in terms of house price growth. Italy was the only country to record a fall of 4% over the period. Rental prices rose in 26 countries, with the highest rate in Estonia (216%), while only Greece recorded a fall of 16%.