According to a preliminary estimate released by the Statistical Service of Cyprus, the House Price Index (HPI) increased for a fifth consecutive quarter.
Specifically, the HPI for the first quarter of 2023 has reached 110.14 units, representing a notable 5.9% surge, compared to the same period in 2022.
The latest data reveals an upward trend in the housing market, with the HPI steadily climbing on an annual basis. The previous decline in the Index was observed in the fourth quarter of 2021 when it experienced a 5.2% decrease. Since then, the HPI has been on an upward trajectory.
Comparing the first quarter of 2023 to the fourth quarter of 2022, the HPI displayed a 2.0% increase. This follows a 4% decline recorded in the fourth quarter of 2022, which recorded a drop compared to the third quarter of the same year.