On Friday, 15th November, the Central Bank of Cyprus published the Residential Property Price Index (HRC) for the second quarter of 2024.
According to the fresh data, house prices in the island nation rose on both a quarterly and annual basis. However, there was a slight decrease in the rate of increase compared to the previous quarter.
Compared to the first quarter of 2024, when the index rose by 1.6 per cent to 96.6 points. At the same time, on an annual basis, the HRC increased by 8%, compared to 7.8% in the corresponding quarter of 2023. It is worth noting that this development affected both flats and houses in Cyprus.
Thus, flat prices increased by 1.4% compared to the first quarter of 2024. And house prices increased by 2%, continuing the trend of the previous quarter. On an annual basis, flat prices rose by 12% in the quarter under review, while house prices increased by 6.2%.
According to the Central Bank, lower demand for property from foreign buyers and high mortgage interest rates, which dampened demand from local buyers, weakened the upward trend in property prices seen in previous quarters. House prices in Cyprus are still rising, but at a slower pace.
As a reminder, 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.
Примечательно, что во втором квартале 2024 года цены на недвижимость выросли во всех городах Кипра.
В квартальном исчислении цены на дома увеличились в Лимассоле (+3,3%), Ларнаке (+2,1%) и Пафосе (+3,7%), а снизились — в Никосии (-0,5%) и свободных районах Фамагусты (-0,8%). В годовом исчислении цены на дома выросли таже в Лимассоле, Ларнаке и Пафосе (+7,7%, +7% и +10,1%, соответственно), а снизились — в Никосии (-1,3%) и свободных районах Фамагусты (-9,4%).
В свою очередь, в квартальном исчислении цены на квартиры выросли на 0,6% в Никосии, 1,1% — в Лимассоле, 3% — в Ларнаке, 3,4% — в Пафосе, 2,6% — в свободных районах Фамагусты. В годовом исчислении цены на квартиры в Никосии увеличились на 4,3%, в Лимассоле — на 13,3%, в Ларнаке — на 16,8%, в Пафосе — на 17,7% и в свободных районах Фамагусты — на 16,5%.
https://dom.com.cy/en/catalog/sale/city-limassol/type-apartment/
https://dom.com.cy/en/catalog/sale/city-paphos/type-apartment/
It is worth noting that during the second quarter of 2024, house prices rose in all cities in Cyprus.
On a quarterly basis, house prices rose in Limassol (+3.3%), Larnaca (+2.1%) and Paphos (+3.7%), while they fell in Nicosia (-0.5%) and the free areas of Famagusta (-0.8%). On an annual basis, house prices rose in Limassol, Larnaca and Paphos (+7.7%, +7% and +10.1% respectively), while they fell in Nicosia (-1.3%) and the free areas of Famagusta (-9.4%).
On a quarterly basis, flat prices rose by 0.6% in Nicosia, 1.1% in Limassol, 3% in Larnaca, 3.4% in Paphos and 2.6% in the free areas of Famagusta. On an annual basis, flat prices rose by 4.3% in Nicosia, 13.3% in Limassol, 16.8% in Larnaca, 17.7% in Paphos and 16.5% in the free areas of Famagusta.