EUROPE: Cyprus sees third biggest rise in house prices on a quarterly basis

In Q2 2019, Cyprus had the EU’s third biggest quarterly rise in house prices at 4.2% behind Luxembourg on 5.1% and Latvia 5.6%.

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Among the Member States for which data are available, the highest annual increases in house prices in Q2 2019 were recorded in Hungary (+14%), Luxembourg (+11.4%), Croatia (+10.4%) and Portugal (+10.1%), while prices fell in Italy (-0.2%).

According to preliminary estimate of Cyprus Statistical Service, the House Price Index for Q2 2019 reached 112.33 units from 107.78 in Q1 2019.

Compared to Q1 2019, the HPI increased by 4.2% while on an annual basis the Index increased by 8% since Q2 2018.

 HPI is a quarterly index which measures the change in the average prices of residential dwellings. It captures all types of residential properties, both new and existing. The land component of the residential property is included.

House prices, as measured by the HPI, rose by 4.2% in both the euro area and the EU in Q2 2019 compared with the same quarter of the previous year, according to Eurostat.

Compared with Q1 2019, house prices increased 1.7% in the euro area and 1.6% in the EU in Q2 2019.

Greece did not make any such data available to Eurostat.