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Cyprus House Price Index Up Amid Construction Boom

The Cyprus House Price Index is up amid a construction boom that is partly fuelled by overseas property investors buying on the island.

The Cyprus Statistical Service (CYSTAT) has announced that prices for houses and apartments in Cyprus rose by an average by 0.8 per cent in the first quarter of 2019 compared to the second quarter in its latest Cyprus House Price Index (HPI).

The Cyprus House Price Index also reports that residential property prices in Cyprus have risen by 4.3 percent on an annual basis.

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. The land component of the residential property is included.

In addition, the Cyprus House Price Index, CYSTAT also revealed that the total number of building permits authorised in Cyprus during April 2019 increased by 10.9 per cent and provided for the construction of 742 new homes.

Compared to April 2018 the total value of these permits rose by a staggering 596.0 per cent to €742.3 million and their total area rose by 167.7 per cent to 271.6 thousand square metres.

During April 2019, building permits were issued for:

Residential buildings – 374 permits

Non-residential buildings – 82 permits

Civil engineering projects – 14 permits

Division of plots of land – 39 permits

Road construction – 9 permits Building permits for new homes

The 374 residential building permits approved in April 2019 provided for the construction of 742 new homes (dwellings). These comprised 276 single houses (compared with 262 in April 2018) and 98 multiple housing units including apartments, semis, townhouses and other residential complexes (compared with 79 in April 2018).

Of those 742 new homes, 284 are destined for Limassol, 199 for Nicosia, 119 for Larnaca, 109 for Paphos and 31 for Famagusta.

During the four months of 2019, a total of 2,111 building permits were issued compared to 1,984 in the corresponding period in 2018; an increase of 56.4 per cent, while their total value and area increased by 133.4 per cent and 45.4 per cent respectively.

The 2,111 permits issued over the period provided for the construction of 1,003 new homes in Limassol, 738 in Nicosia, 390 in Larnaca, 287 in Paphos and 63 in Famagusta.

 

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