The Cyprus Statistical Service (CYSTAT) has announced that house price index rose by an average by 2.5 per cent in the first quarter of 2020 compared to the previous quarter in its latest House Price Index (HPI).

The HPI also reports that residential property prices in Cyprus rose by 1.1 per cent on an annual basis.

According to the CYSTAT press release, the Cyprus House Price Index (HPI) “is a quarterly index which measures the change in the average prices of residential dwellings. It captures all types of residential properties, both new and existing. The land component of the residential property is included.

“The data source used for both, indices and weights, is the Department of Lands and Surveys, Ministry of Interior. The data cover all areas which are under the control of the government of the Republic of Cyprus.”