From January to December 2008, the index recorded a total increase of 2.8 per cent compared to 2007’s total increase of 19.2 per cent.
Home prices in Cyprus during 2008 began with a strong monthly increase of 3.6 per cent in January, followed by a one per cent rise in February. For the next few months, prices followed an overall descending path bringing the BuySell Home Price Index to its lowest level for 2008 in July at 142.42 units, with the average home price dropping to €189,583.
This was reversed during the subsequent four months with prices rising a total of four per cent, bringing the index to its highest level for the year in November (148.12 units).
