House prices in Cyprus are rising but climbing at the slowest annual rate in Europe, according to Eurostat data.
Cyprus’ House Price Index for the third quarter of 2021 increased by 2.4% every quarter and 2.2% compared to the same quarter of 2020.
In Q2 2021, prices recorded an annual decrease of 4.9%, while the quarterly increase had risen to 1.2%.
The Housing Price Index is a quarterly index that measures the change in the average price of housing units.
The index covers all types of housing units, new and existing. The value of the land is included in the price.
Data used in the index calculation is collected from the Land Registry and the Interior Ministry.
Housing prices are also rising in Europe.
According to data, in Q3 2021, house prices increased by 8.8% in the euro area and by 9.2% in the EU compared to the same quarter the year before.
This was the biggest annual jump in prices recorded in the EU since 2007.
In Q2 2021, house prices increased by 6.8% and 7.4%, respectively.
Among the Member States, the highest annual price increases were recorded in the Czech Republic (+22%), Lithuania (+18.9%), Estonia (+17.3%) and the Netherlands (+16 .8%).
The lowest annual increases were in Cyprus (+2.2%), Italy and Spain (+4.2% each).
Cyprus’ Housing Price Index for Q3 2021 reached 106.55 units from 104.07 in Q2.
Compared to Q2 2021, the HPI increased by 2.4%, while the index of the corresponding quarter of 2020 increased by 2.2%.