Cyprus House Prices fell 1.8% in Q1 2018

According to the Cyprus Statistical Service (CYSTAT), which publishes a house prie index (HPI) for Cyprus, house prices fell on average by 1.8% in the first quarter of 2018, but increased by 3.7% year-on-year.

The statistics fly in the face of wide-spread reports that the property market in Cyrpus is booming. The main resorts of interest to investors and holiday home buyers are Polis, Paphos, Limassol, Lanarca, Ayia Napa, Protaras and Nicosia.

Both houses and apartments saw a slight downturn in Q1 2018, according to CYSTAT, compared to Q4 2017. CYSTAT's press release stated that its HPI for Cyprus "is a quarterly index which measures teh change in the average prices of residential dwellings." The press release also stated that the survey covered all types of residential properties, new and second-hand, as well as including the land component of a property.

CYSTAT's House Price Index for Cyrpus is based on figures released by the Department of Lands and Surveys, a branch of the Ministry of the Interior. The statistics cover all areas falling under the control of the Republic of Cyprus's government. The Republic's growth rate of GDP remained constant at 3.9% in the second quarter of this year. Revenue from tourist arrivals amounted to 294.7 million by mid-May 2018. Tourist numbers reached 539,600 in July, according to CYSTAT.

After several months of price adjustments it is now quite possible to find a two-bedroomed townhouse for 117,000 euros or less. Detached houses with three or more bedrooms start at around 390,000 euros.