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House Prices Up In Q2 2022, Cyprus Central Bank Says

House Prices Up In Q2 2022, Cyprus Central Bank Says

An acceleration in the increase of house prices was recorded in the second quarter of 2022, mainly due to increased construction costs, the Central Bank of Cyprus says, in its quarterly report on the residential property price indices for Cyprus, drafted by the Central Bank of Cyprus’s Real Estate Unit (REU).

The Central Bank of Cyprus (CBC) House Price Index (CPI) for houses and apartments, showed an increase in the second quarter of 2022, registering a quarterly increase of 1.7% compared to 1.1% in the previous quarter, while year-on-year the index rose by 4.7% compared to 3.2% in the previous quarter.

The acceleration in house price increases is mainly due to increased construction costs, which is reflected in the increase in the prices of both apartments and houses, the Central Bank said.

Although on an annual basis the increases in apartment prices are greater than those of houses in all districts, CBC notes that house prices are now also showing an increase.

"For the first time since the outbreak of the pandemic, all districts are showing year-over-year increases in both apartment and house prices, indicative of the upward trend in prices across the spectrum of the housing market," the report says.

Demand in the real estate market during the second quarter of 2022 recorded an upward trend both domestically and from abroad, while there were signs of a downward trend in supply. The war in Ukraine has intensified inflationary pressures, with a significant impact on construction costs, but currently this does not appear to have adversely affected demand.

The Central Bank adds that, in the medium term, the increase in the cost of borrowing, due to the rise in interest rates, as well as the erosion of incomes due to inflationary pressures, are expected to reduce demand, but without necessarily reducing prices, which are currently characterised by increasing trends due to the construction cost.

Source: CNA

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