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Cyprus prices 'holding steady'

Monday, July 21, 2008

Property prices in Cyprus appear to be holding their own in the face of worsening global conditions.

From April to June 2008, the BuySell Home Price Index recorded a marginal decrease of 0.4% compared to the last quarter, bringing the year-on-year increase to 12.9%.

Home prices depicted a 0.3% increase during the first month of the quarter, remained constant for the second month and declined by 0.7% in June.

The marginal decline of the Index during the second quarter restricted the year-to-date increase to 2.8%. The BuySell Home Price Index closed at 143.02 units (June 2008) bringing the Average Home Price in Cyprus to EUR 190,391 (CYP 111,431).

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.