The Cyprus House Price Index (HPI) decreased 2.9% in the second quarter from a year ago, marking the biggest annual drop since Q1 2014, according to a Statistical Service preliminary estimate.
The HPI for Q2 2020 was 109.48 units, down from 112.73 in the same period of 2019.
Compared to the first quarter of 2020, the HPI increased by 0.3% from 109.13.
During Q2 2019, HPI recorded an annual increase of 8.4%.
In Q1 2020, the index rose 2.5% on a quarterly basis and increased 1.1% on an annual basis.
HPI is a quarterly index which measures the change in the average price of residential dwellings.
It captures all types of residential properties. the land component of the property is included.