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News: Cyprus home prices down in October

Home prices in Cyprus fell by 0.9% in October, reports www.buysellcyprus.com...

In October 2006, home selling prices in Cyprus fell for the second consecutive month, dropping by 0.9% since September. The BuySell Home Price Index came down to 117.60 bringing the average home price to CYP 91,625. The October decrease has brought home prices in Cyprus to an accumulated +6.7% growth for 2006 to-date.

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.

However, property specialist Assetz argues that it is important to bear in mind that these growth figures are in relation to the previous month whereas most UK indices compare figures with the same month of the previous year, in order to offset seasonal fluctuations.  In relation to property values in October 2005, average Cypriot property is actually 6% more expensive and the growth rate since the beginning of the year has risen by 2.5 percentage points, Assetz point out.

 

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