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17/01/07 -
Cyprus House Prices 2006 |
The BuySell Home Price Index recorded a total increase of
5.9% last year compared to a total increase of 2.5% during 2005...
House prices have been more dynamic in 2006 compared to the previous year. From January to December 2006, the
BuySell Home Price Index recorded a total increase of 5.9% compared to a total increase of 2.5% during 2005.
House prices remained at around their 2005 levels during the first two months of the year. In March, however, prices
began a six-month rally which lasted up until the end of the summer, bringing the BuySell Home Price Index at its
highest-ever level of 119.59. The cumulative increase over this six-month period has been 8.9%.
Autumn, on the other hand, saw a corrective path for housing prices with October recording the largest
month-on-month decrease for the year (-0.9%). The year ended with a further marginal decrease of 0.4% for December
bringing home prices in Cyprus to an annual +5.9% for 2006. The BuySell Home Price Index reached 116.65 in December
2006 bringing the Average Home Price in Cyprus to CYP 90,881.
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.
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 characteristics of the housing market in Cyprus.
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