COVID19: Cyprus house prices rise despite pandemic
House prices continued their upward trend in the second quarter, recording a quarterly increase of 0.9% from an 0.4% rise in the first three months, despite the growing market uncertainty induced by the pandemic.
This is tracked in the Central Bank of Cyprus (CBC) Residential Property Price Index (RPPI).
House prices increased by 1% while remaining stable in the previous quarter and apartment prices increased by 0.8% slower than the 1.4% rise in the previous quarter.
On an annual basis, both house and apartment prices increased during Q2 by 1.5% and 4.3% respectively, compared to 0.8% and 4.6% respectively in the previous quarter.
A slowdown in the growth of the Apartment Price Index is attributed to lower demand from foreign investors due to the stricter criteria in the Cyprus Investment Programme which was later scrapped. […]
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