Cyprus witnessed an increase in house prices during the fourth quarter of 2023, with the House Price Index (HPI) rising by 1.6 per cent during this time, according to a report released on Thursday.

This figure represents a year-on-year increase when compared to the same quarter of 2022. However, this number represents a decline relative to the earlier quarters of 2023.

Specifically, according to preliminary estimates by the Cyprus Statistical Service (Cystat), the Consumer Price Index (CPI) for the fourth quarter quarter of 2023 stood at 109.95 units.

In comparison to the third quarter of 2023, the CPI saw a decrease of 0.6 per cent.

Nevertheless, when evaluated against the corresponding quarter of 2022, there was a notable increase of 1.6 per cent.

It is important to highlight that in the first quarter of 2023, the CPI stood at 110.31 units, and it slightly decreased to 110.15 units in the second quarter of the same year.