Cyprus house prices stable in May

In May 2005, home selling prices in Cyprus remained at the same level as April 2005, maintaining their accumulated increase of 2.5% since the beginning of the year. The BuySell Home Price Index remained at 109.5 and the Average Home Price at CYP 85,317.

The BuySell Home Price Index was created by Dr. Stelios Platis and Marios Nerouppos and is updated monthly on behalf of BuySell Cyprus Real Estate by the economic research organisation S. Platis Economic Research and is announced during the second week of each month.

The Index depicts the movement of prices at which residential properties are sold in Cyprus and is based on around 200 to 300 BuySell Cyprus Real Estate monthly sales. The Average Home Price is based on the Constant-Quality Average (Hedonic) Price of the first quarter of 2004.

For the calculation of the May 2005 index point, the BuySell database included housing units from the Nicosia district (13%), Limassol district (16%), Larnaca district (18%), Paphos district (23%), and Famagusta district (30%).