The Housing Price Index (HPI) in Cyprus experienced a substantial increase of 5.9 per cent during the first quarter of 2023 compared to the same period in 2022, according to a recent preliminary estimate released this week by the state’s statistical service.
This marks the fifth consecutive quarter of growth, highlighting a strong and consistent upward trend in the housing market.
The Housing Price Index for the first quarter of 2023 has been calculated at 110.14 units, with the base year being 2015, indicating a significant surge in property prices.
This continued growth signifies the fifth successive quarter in which the Index has recorded an increase on an annual basis.
The last decline in the Index was observed in the fourth quarter of 2021, with a 5.2 per cent decrease.
Moreover, when compared to the fourth quarter of 2022, the HPI exhibited a notable increase of 2 per cent.
This follows a previous decrease of 4 per cent in the fourth quarter of 2022, as compared to the third quarter of the same year.
