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Cyprus house prices dip 4.9% in Q2

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Cyprus’ House Price Index (HPI) in the second quarter of 2021 reached 104.07 units, registering an annual decline of almost 5% as the market struggles to overcome the pandemic, according to the Statistical Service.

Compared to Q1 2021, the HPI increased by 1.2%, while the Index decreased by 4.9% on a yearly basis.

The Index had already fallen by a larger 5.8% in the first quarter of the year to March.

 Building permits

At the same time, the number of building permits issued by local authorities during July 2021 stood at 727.

The total value of these permits reached €184.6 mln covering 186,700 square metres. These building permits provide for the construction of 874 housing units.

Between January – July 2021, 4,717 building permits were issued compared to 3,893 in the same period last year that was blighted by lockdowns, increasing 21.2%.

The total value of these permits fell by 1.9%, while the total area increased by 10.8%, but the number of housing units increased by 18.3%.

Building permits constitute a leading indicator of future activity in the construction sector.