Cyprus Mail

Home prices rise 0.2% in Q3, Cystat says

Home prices rose a quarterly 0.2 per cent in July to September, after rising a quarterly 2.4 per cent in the second quarter, the statistical service said.

In the third quarter, home prices dropped an annual 3.3 per cent after falling 1.7 per cent in the second quarter, Cystat said in a statement on its website on Tuesday.

The Cystat home price index stood in the third quarter at 87.76 units, 12 per cent down compared to 2010 levels.

The index covers all housing types, both existing and new buildings and includes the value of land. Data is collected from the Department of Lands and Surveys.

The Cyprus division of the Royal Institute of Chartered Surveyors, which applies a different methodology, said in November that home prices had dropped in the second quarter 0.5 per cent compared with January to March.

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