Home prices rise in March by 0.4%

Average home price at CYP 85,896

In March 2006, the selling price of residential property in Cyprus recorded a marginal increase of 0.4% from February 2006 according to the latest results from the BuySell Home Price Index.

The Index reached 110.25 in March, bringing the average home price to CYP 85,896.

The BuySell Home Price Index was created and is updated monthly on behalf of BuySell Cyprus Real Estate by the independent economic research organisation S. Platis Economic Research.

The Index is announced during the second week of each month and depicts the movement of prices at which residential properties are sold in Cyprus, based on the extensive BuySell Cyprus Real Estate database.

For the calculation of the March 2006 index point, the BuySell database included housing units from the Nicosia district (12%), Limassol district (17%), Larnaca district (17%), Paphos district (27%), and Famagusta district (27%).

The BuySell Home Price Index was rebased in September 2005, in order to keep the Index updated with respect to the most recent quality characteristics of the housing market in Cyprus.