Cyprus house prices rise 1.1% in June

Average price at CYP 86,218

In June 2005, home selling prices in Cyprus recorded a considerable increase of 1.1% since May 2005. The June increase brought home prices to an accumulated 3.6% for the first half of 2005. The BuySell Home Price Index rose to 110.7 and the Average Home Price to CYP 86,218.

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 the extensive BuySell Cyprus Real Estate database.

For the calculation of the June 2005 index point, the BuySell database included housing units from the Nicosia district (13%), Limassol district (17%), Larnaca district (19%), Paphos district (24%), and Famagusta district (27%).

The Average Home Price is based on the Constant-Quality Average (Hedonic) Price of the first quarter of 2004. For more information on the methodology of the Index and on Hedonic Prices please refer to: The “Asking Price and Transaction–based Indices for the Cyprus Housing Market” by Dr. Stelios Platis and Marios Nerouppos of S. Platis ECONOMIC RESEARCH, available at www.buysellcyprus.com.

The BuySell Home Price Index constitutes the only valid gauge of the Cyprus real estate market and is considered as an effective tool for real estate buyers, sellers and investors.