Residential house price inflation in Cyprus has accelerated, rising by 9.9% compared with the year earlier in March, having risen by 9.4% in February according to the BuySell Home Price Index prepared by MFC S. Platis. This marks the sixth consecutive month of a rise in year-on-year prices. If it continues at this pace, house prices will record a faster rise in 2007 than in 2006, when the BuySell Index recorded an increase of 6.6%. Compared with the previous month, home sale prices in March rose by 0.8% compared with February. The BuySell Home Price Index reached 121.13, bringing the average home price in Cyprus to CYP 94,373 (EUR 162,430). The BuySell Home Price Index was created and is updated monthly on behalf of BuySell Cyprus Real Estate by MFC S. Platis. The Index is announced during the second week of each month and depicts the movement of prices at which residential properties are sold in Cyprus, based on the extensive BuySell Cyprus Real Estate database. The BuySell Home Price Index was rebased in September 2005, in order to keep the Index updated with respect to the most recent quality characteristics of the housing market in Cyprus. For more information on the methodology of the Index and on Hedonic Prices please refer to: The “Asking Price and Transaction–based Indices for the Cyprus Housing Market (Rebased)” by Dr. Stelios Platis and Marios Nerouppos of MFC S. Platis.
Source: Financial Mirror
