News Local Residential properties in seventh consecutive quarterly rise

Residential properties in seventh consecutive quarterly rise

The Residential Properties Index in Cyprus rose by a quarterly 0.6% in the first quarter of 2018, continuing its upward trend for seven consecutive quarters, the Central Bank of Cyprus has said.

The Residential Properties Index (comprising both houses and apartments) in the first quarter reached 75 units from 74.6 units the previous quarter, the CBC said, following an upward trajectory since the third quarter of 2016.

On an annual basis, the Residential Properties Index rose by 1.8%, the CBC added.

The indices of apartments and houses in Q1 2018 registered an increase of 0.9% and 0.4% respectively compared with Q4 2017.

All indices per district recorded increases with the exception of Larnaca which recorded a borderline reduction of 0.1%, the CBC said.

“The recovery of the real estate sector is expected to continue in the following quarters,” the CBC said, adding this trend is shown from in the economy’s relevant indicators which continued on a positive course in the first quarter of 2018.

The CBC said sale contracts and building permits continue to increase in the first quarter of 2018 despite the application of VAT on the sale of plots since January 1 2018.

Compared with the previous quarter, the district of Famagusta topped the list with a quarterly rise of 1.6% in the residential property index followed by 0.8% in Limassol, 0.6% in Nicosia and Paphos, while the district of Larnaca registered a marginal decline of 0.1%.

Top Stories

People enjoy hot weather in London

People enjoy the hot weather amongst summer themed sculptures, amid the coronavirus disease (COVID-19) outbreak, in London, Britain August 12, 2020.

Fourteen new corona virus cases detected out of 3,775 tests

According to the Epidemiological Surveillance Unit of the Ministry of Health 14 new cases of the SARS-CoV-II virus were detected out of a total...

Iraq’s port of Umm Qasr takes precautionary measures after deadly Beirut blast

Following the deadly blast at Beirut's port last week, Iraq is moving to secure its own main port of Umm Qasr from any potential...

Concerns over preserving Lebanon’s cultural heritage

Many historical buildings in Beirut were badly damaged in last week's devastating explosion. Experts worry that much of Lebanon's rich cultural heritage will be lost...

Yellow alert for extremely high temperatures on Thursday

Mainly fine weather on Thursday with yet another yellow alert for extremely high temperatures in effect from 13:00 to 17:00. Temperatures are expected to rise...

Taste

Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...