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

New record number of new cases of COVID-19 on Tuesday: 152

The Health Ministry announced 153 new COVID-19 cases on 20 October, out of 4,410 laboratory tests, taking confirmed infections to 2, 839. The break-down of...

Stench in Kokkinotrimithia and Mammari due to farms and burned garbage

Citizens of Kokkinotrimithia and Mammari contacted philenews and complained that at the Kafkalla location some people threw a huge quantity of garbage and set...

Police chasing suspects in Paphos

Members of the Anti-Narcotics Unit who were watching some suspects for drug trafficking, according to first information, chased a suspicious vehicle which tried to...

71-year-old dead in accident

During an accident that took place this morning in the district of Nicosia, 71-year-old Andreas Alexandrou from Kato Moni of Nicosia District lost his...

Rain and hail in Lympia and Xylotympou (PHOTOS)

Rain and hail were seen in various areas of Cyprus. Social media users published photos from Lympia and Xylotympou. (philenews)

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...