Cyprus house prices rose 1.1% in Q1

Cyprus house prices in the first three months of 2020 increased by 1.1% annually and a higher 2.5% on a quarterly basis, official figures showed on Wednesday.

According to preliminary estimates, the House Price Index for the first quarter amounted to 109.13 units, compared to Q4 2019, the HPI increased by 2.5% while from the same quarter of 2019, the Index increased by 1.1%.

Cyprus	Q1 2019	Q2 2019	Q3 2019	Q4 2019	Q1 2020
HPI (2015=100)	107.93^r	112.73^r	105.64^r	106.51^r	109.13
Quarterly change (%)	0.8	4.5	-6.3	0.8	2.5
Annual change (%)	4.7	8.4	2.4	-0.5	1.1

House prices. as measured by the House Price Index. rose by 5.0% in the euro area in Q1 2020 compared with the same quarter of the previous year.

This is the highest annual increase since the second quarter of 2007.

In the EU, house prices jumped 5.5% compared to the same quarter of 2019, said Eurostat.

Compared with Q4 2019, house prices climbed 0.9% in the euro area. 1.2% in the EU.

Among the Member States for which data are available, the highest annual increases in house prices in Q1, 2020 were recorded in Luxembourg (+14.0%), Slovakia (+13.1%), Estonia (+11.5%), Poland (+11.3%) and Portugal (+10.3%).

Prices only fell in Hungary (-1.2%).

Compared with the previous quarter, the highest increases were recorded in Portugal (+4.9%), Estonia (+4.8%) and Slovakia (+4.0%), while decreases were observed in Malta (-4.3%). Hungary (-1.1%), Ireland (-0.8%) and Belgium (-0.1%).

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