08.07.2024
The residential property price index (CPI of houses and apartments) compiled by the Central Bank of Cyprus (CBC) on a quarterly basis recorded an increase of 1.6% in the first quarter of 2024, compared to an increase of 2.3% in the previous quarter. “This increase in the consumer price index in the first quarter of 2024 was driven by a 0.8% increase in residential property prices and a 3.4% increase in apartment prices,” CBC reports.
Year-on-year, residential property prices rose 7.8% in the first quarter of 2024, compared with an 8.3% increase in the fourth quarter of 2023, with apartment prices up 13.9% and houses up 4. 7% per quarter.
Residential property prices by region
Residential property prices increased quarter-on-quarter in the first quarter of 2024 in Paphos and Famagusta (by 3.1% and 4.4% respectively), while in Nicosia, Limassol and Larnaca they decreased (by 0.2%, 1.5% and 2.2%, respectively).
In terms of year-on-year CPI changes by region, prices in Paphos and Famagusta increased by 11.2% and 11.8% respectively, while in Nicosia, Limassol and Larnaca they decreased by 4%, 9.2% and 10.7% respectively.
Residential property prices in each area increased quarterly in Paphos and Famagusta (3.3% and 2.6% respectively), while in Limassol , Larnaca and Nicosia they decreased (0.3%, 1.1% and 0% respectively ).
On an annual basis, only in Paphos prices for residential property increased by 7.1%, while in other areas – Nicosia, Limassol , Larnaca and Famagusta – they decreased by 3.6%, 3.9%, 6.6% and 10.6% respectively.
Moreover, apartment prices decreased quarter-on-quarter in all areas except Famagusta . In particular, in Nicosia, apartment prices increased by 0.8%, in Limassol – by 3.7%, in Larnaca – by 4.3%, in Paphos – by 3.5% and in Famagusta – by 10.7% .
Year-on-year, apartment prices increased in Limassol , Larnaca and Famagusta (by 16.5%, 18.1% and 16.5% respectively). Apartment prices in Nicosia and Paphos decreased (5.1% and 21.4% respectively).
