Cyprus records the fourth highest decrease in house prices in Q4 2013

Cyprus recorded the fourth highest decrease (6.48%) in house prices during the 4th quarter of 2013, according to IMF`s Global House Price Index.

The index is based on data from the Organisation for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF), Global Property Guide and Haver Analytics

According to the report, the highest percentage fall was recorded in India with -9.1%, followed by Greece with -7.02%, Italy with -6.54%, Cyprus with -6.48% and Croatia with -6.35%. The highest increase in house prices during the fourth quarter of 2013 was recorded in Philippines (10.56%), Hong Kong (10.25%), New Zealand (9.1%), China (9.1% ) and Colombia (8.1%).

The index shows also data for house prices historical averages in relation to incomes and rents.

House prices remain well above the historical averages in relation to incomes in Belgium (+49.5%), in Canada (+33.2%) , in Australia (31.6%) in New Zealand (29, 7%) and in France (28.6%). The cheapest houses in relation to the income recorded in Japan (-40.6%), Korea (-39.6%) and Germany ( -16.8%). .

The highest increases in house prices in relation to the total cost of renting was record in Canada (86.8%), New Zealand (80%) and Norway (66.5%). The highest decreases were recorded in Japan (-37.8 %), Estonia (-17.7%) and Greece (-16.3%).