House prices in Cyprus held up in the second quarter compared to other European markets and despite worsening global and local economic conditions, according to the latest quarterly BuySell Home Price index.
In the period April to June 2008, the BuySell Home Price Index recorded a marginal decrease of 0.4% compared to the first quarter, bringing the year-on-year increase to 12.9%.
Home prices rose by 0.3% in April, 0% in May and declined by 0.7% in June.
The increase since January is 2.8%.
The BuySell Home Price Index closed at 143.02 (June 2008), bringing the average home price in Cyprus to EUR 190,391 (CYP 111,431).
The BuySell Home Price Index was created and is updated monthly on behalf of BuySell Cyprus Real Estate by MAP S. Platis. The Index is announced quarterly and depicts the movement of prices at which residential properties are sold in Cyprus, based on the extensive BuySell Cyprus Real Estate database.
