10/10/06 - Cyprus Prices Rise for the 6th Consecutive Month

Home prices in Cyprus rose for the sixth consecutive month in August 2006 according to BuySell Cyprus Real Estate...

BuySell Cyprus report that home selling prices in Cyprus rose for the sixth consecutive month in August 2006. This represents the longest rally since the company began recording home prices in Cyprus through their BuySell Home Price Index.

Prices increased by 1.6% in August, bringing the overall rise since the beginning of the year to +8.5%. The BuySell Home Price Index reached 119.59 (+10.3% year-on-year) bringing the Average Home Price to CYP 93,171.

The BuySell Home Price Index

The BuySell Home Price Index was created and is updated monthly on behalf of BuySell Cyprus Real Estate by the independent economic research organisation S. Platis Economic Research. The Index is announced during the second week of each month and depicts the movement of prices at which residential properties are sold in Cyprus, based on the extensive BuySell Cyprus Real Estate database.

For the calculation of the June 2006 index point, the BuySell database included housing units from the Nicosia district (11%), Limassol district (16%), Larnaca district (23%), Paphos district (24%), and Famagusta district (26%). The BuySell Home Price Index has been rebased in September 2005, in order to keep the Index updated with respect to the most recent quality haracteristics of the housing market in Cyprus.

The BuySell Home Price Index constitutes the only valid gauge of the Cyprus housing market and is considered as an effective tool for home buyers, sellers and investors.

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