The revised house price index for Cyprus aims to provide a more accurate reflection of real estate market trends.
- The revised house price index for Cyprus aims to provide a more accurate reflection of real estate market trends.
- Cystat has also released a report titled “House Price Index 2015–2024,” which provides detailed insights into the revised index and its sub-indices, covering both new and existing dwellings.
- Data for the indices are sourced from the Department of Lands and Surveys, ensuring that the figures represent all areas under the control of the Republic of Cyprus government.
- This revision is expected to provide stakeholders, including policymakers, investors, and homebuyers, with a more accurate understanding of the housing market dynamics in Cyprus.
Cystat, the state statistical service, has introduced significant changes to the quarterly house price index, which is essential for understanding fluctuations in the housing market. The revisions will affect data from 2016 through to the second quarter of 2025, with the goal of improving the index’s stability and accuracy.
House price: Enhancing Accuracy and Transparency
The adjustments to the index are designed to enhance the quality of the data presented. Cystat has indicated that these changes stem from an improved quality adjustment process, which now incorporates additional variables into the index compilation methodology. This update draws on richer and more comprehensive microdata from the primary administrative data sources.
According to Cystat, the revised index demonstrates a stronger correlation with other official indices produced by the agency, thereby providing a clearer picture of the real estate market’s evolution over the past decade.
Key Findings from the Revised Index
As part of this revision, the house price index for the second quarter of 2025 has been estimated at 147.24 index points. This represents a 1.9 per cent decrease from the first quarter of 2025. However, when compared to the same quarter in 2024, there has been a year-on-year increase of 2.7 per cent.
Cystat has also released a report titled “House Price Index 2015–2024,” which provides detailed insights into the revised index and its sub-indices, covering both new and existing dwellings.
Comprehensive Data for Informed Decisions
The house price index serves as a critical tool for measuring changes in the average prices of residential properties across Cyprus. It encompasses all types of residential properties, including new builds and existing homes. The calculations also factor in the land component associated with residential properties.
Data for the indices are sourced from the Department of Lands and Surveys, ensuring that the figures represent all areas under the control of the Republic of Cyprus government.
This revision is expected to provide stakeholders, including policymakers, investors, and homebuyers, with a more accurate understanding of the housing market dynamics in Cyprus.
