House prices in Cyprus fall 5% in Q3

Residential house prices in Cyprus fell by nearly 5% in the third quarter of 2020, compared to the previous quarter.

Preliminary data released by the Statistical Service of Cyprus (CYSTAT) and reported by Cyprus Property News showed that the country’s House Price Index (HPI) fell by 4.8% on a quarterly basis in Q3 of 2020.

On an annual basis, residential real estate prices in Cyprus fell by 1.3% in Q3 of 2020, compared to the same quarter of 2019.

According to CYSTAT, the Cyprus House Price Index (HPI) “is a quarterly index which measures the change in the average prices of residential dwellings. It captures all types of residential properties, both new and existing”. 

Eurostat data showed that house prices in Cyprus fell more (on an annual basis) than any other EU member state in the third quarter of 2020.

In fact, compared to other EU countries, Cyprus recorded the third biggest fall in house prices over the last decade (-7.7%), behind Greece (-31.0%) and Italy (-15.5%).

In terms of rent prices, Cyprus recorded the second highest fall of 4.5%, albeit ranking far behind Greece, where rent prices fell by 25.2% over the last ten years.