Insider Economy House prices up by 4.3%

House prices up by 4.3%

There was an annual increase of 4.3% in house prices compared to 2018, according to the latest House Price Index (HPI) published today by the Statistical Service.

According to preliminary estimate of the Statistical Service, the HPI for the first quarter of 2019 amounts to 107,78 units.

Compared to the fourth quarter of 2018, the HPI increased by 0,8% while compared to the Index of the corresponding quarter of 2018, the Index increased by 4.3%.

Definition

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.

Data source

The data source used for both, indices and weights, is the Department of Lands and Surveys, Ministry of Interior. The data cover all areas which are under the control of the government of the Republic of Cyprus.

Data compilation

The data are stratified into two strata; old and new dwellings. For each stratum a rolling window hedonic regression model is used in order to calculate the sub-indices. Then, the sub-indices are weighted based on the sum of the value of the properties of each stratum in the previous year.

Base year

The base year is 2015=100.

Top Stories

Indian police arrest local journalist allegedly spying for China

Police in India's capital city on Saturday said they had arrested a local freelance journalist on allegations he was passing "sensitive information" on to...

COVID-19: Average age in Cyprus is 31 (tables)

Here are the infographics, by the Ministry of Health, with statistics on the course of the coronavirus until September 17, 2020. The average age...

“Diplomacy now has the floor”, Erdogan says in Twitter post

A 180° turn is observed by Recep Tayyip Erdogan, who, as shown by his recent post on a popular microblogging site, has decided to...

Worldwide coronavirus cases cross 30.55 million, death toll at 951,051

More than 30.55 million people have been reported to be infected by the novel coronavirus globally and 951,051 have died, according to a Reuters...

Man, 28, arrested for possession of cannabis

A man, aged 28, from Limassol, was arrested in Nicosia on Saturday night for possession of approximately one kilo of cannabis, police said on...

Taste

Swordfish with aubergines

To toast the sesame seeds: place sesame seeds in a small non-stick frying pan over low heat and stir until you begin to smell...

Chicken with okra and bulgur wheat

Heat the oil in a pan and sauté the okra until golden. Remove the okra, lay out in an oven tray and sprinkle with...

Ravioli

Just a little before serving, heat the broth and add the ravioli. (If the ravioli is frozen you don’t have to defrost). Heat them...

Seafood kebab with avocado salad

Place the mussels, shrimps and salmon in a bowl together with tarragon and lemon zest. Season and cover, keeping in the fridge for 15...