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REAL ESTATE

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House Prices Increase by 3.7%

House Prices Increase by 3.7%

According to preliminary estimate of the Statistical Service of Cyprus, the HPI for the first quarter of 2018 amounts to 103.34 units. Compared to the fourth quarter of 2017, the index decreased by 1.8% while compared to the corresponding index of the previous year, the index increased by 3.7%.

House prices, as measured by the House Price Index, rose by 4.5% in the euro area and by 4.7% in the EU in the first quarter of 2018 compared with the same quarter of the previous year. These figures come from Eurostat, the statistical office of the European Union. Compared with the fourth quarter of 2017, house prices rose by 0.6% in the euro area and by 0.7% in the EU in the first quarter of 2018.

Among the Member States for which data are available, the highest annual increases in house prices in the first quarter of 2018 were recorded in Latvia (+13.7%), Slovenia (+13.4%), Ireland (+12.3%) and Portugal (+12.2%), while prices fell in Sweden and Italy (both -0.4%) as well as in Finland (-0.1%). Compared with the previous quarter, the highest increases were recorded in Latvia (+7.5%), Hungary and Slovenia (both +4.4%) as well as in Portugal (+3.7%), while the largest decreases were observed in Malta (-4.7%), Cyprus (-1.8%) and Sweden (-0.8%).

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