Cyprus’ house prices rose at a slower annual pace in the first quarter of 2026, although they increased compared with the previous quarter, preliminary figures from the state statistical service (Cystat) showed on Thursday.

The House Price Index stood at 102.95 points in the first three months of 2026, up 1.6 per cent from the fourth quarter of 2025 and 3.4 per cent higher than a year earlier, according to Cystat.

That compared with annual increases of 4.7 per cent in the first quarter of 2025, 2.9 per cent in the second, 4.2 per cent in the third and 6 per cent in the fourth, pointing to a softer year-on-year pace at the start of 2026.

The quarterly picture, however, showed a renewed increase. After rising by 4.2 per cent in the first quarter of 2025, the index fell by 1.8 per cent in the second quarter, increased by 3.7 per cent in the third and was unchanged in the fourth, before rising by 1.6 per cent in the first quarter of 2026.

In index terms, the house price index stood at 99.58 in the first quarter of 2025, fell to 97.74 in the second, climbed to 101.35 in the third and was little changed at 101.34 in the fourth, before reaching 102.95 in the first quarter of 2026.

Cystat said prices for new dwellings continued to rise, with the relevant sub-index reaching 103.25 in the first quarter from 102.06 in the previous three-month period.

Across the full period shown by the statistical service, the sub-index for new dwellings stood at 99.97 in the first quarter of 2025, fell to 96.26 in the second, rose to 101.71 in the third and 102.06 in the fourth, before reaching 103.25 in the first quarter of 2026.

Prices for existing dwellings also increased, with the sub-index rising to 102.51 from 99.82 in the fourth quarter of 2025.

The existing dwellings showed a more uneven path, moving from 98.75 in the first quarter of 2025 to 100.84 in the second, before easing to 100.59 in the third and 99.82 in the fourth. It then rose to 102.51 in the first quarter of 2026.

The service said the index measures changes in the average price of residential property, covering both new and existing homes, while also including the land component of residential property.

The data are based on information from the department of lands and surveys and cover areas under the control of the Republic of Cyprus.