Cyprus house prices up 9.1% year on year in May

Residential property prices in Cyprus continued to rise for a fifth consecutive month in May 2007, recording a monthly increase of 1.8%, according to the BuySell Home Price Index prepared by Dr. Stelios Platis and Marios Nerouppos of MFC S. Platis.

The index reached 124.58 in May, compared with 122.44 in April, marking an increase of 9.1% increase over May 2006.

The BuySell Home Price Index, which adjusts for factors such as increases in quality, is the only house price index produced for Cyprus.

According to Financial Mirror calculations, the BuySell Home Price Index has risen on average by 9.3% year on year so far this year, compared with 5.9% for the whole of 2006. House-price growth is therefore accelerating.

BuySell reported that the “Average Home Price” in Cyprus according to the BuySell index was CYP 97,064 (EUR 166,610) in May.

The BuySell Home Price Index was created and is updated monthly on behalf of BuySell Cyprus Real Estate by MFC S. Platis. 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 more information on the methodology of the Index and on Hedonic Prices, refer to: The “Asking Price and Transaction–based Indices for the Cyprus Housing Market (Rebased)” by Dr. Stelios Platis and Marios Nerouppos of MFC S. Platis. F.M.