House Price Index: 3rd Quarter 2023
10/01/24 13:48 | Press release | Economy and Finance
According to preliminary estimate of the Statistical Service, the House Price Index (HPI) for the third quarter of 2023 amounts to 110,65 units. Compared to the second quarter of 2023, the HPI increased by 0,4% while compared to the Index of the corresponding quarter of 2022, the Index increased by 0,6%.
The fluctuation of the Index for the period between the third quarter of 2022 and the third quarter of 2023 as well as the quarterly and annual percentage changes are presented in the following table.
|
Table |
|||||
|
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
|
HPI(2015=100) |
109,95 |
108,27 |
110,31 |
110,15 |
110,65 |
|
Quarterly change (%) |
3,4 |
-1,5 |
1,9 |
-0,1 |
0,4 |
|
Annual change1 (%) |
2,9 |
4,7 |
6,1 |
3,6 |
0,6 |
1 Compared with the same quarter of the previous year.
Methodological Notes
Definition
House Price Index (HPI) is a quarterly index which measures the change in the average prices of residential dwellings. It captures all types of residential properties, both new and existing. The land component of the residential property is included.
Data Source
The data source used for both indices and weights is the Department of Lands and Surveys, Ministry of Interior. The data covers all areas which are under the control of the government of the Republic of Cyprus.
Data Compilation
The data is stratified into two strata; old and new dwellings. For each stratum a rolling window hedonic regression model is used in order to calculate the sub-indices. Then, the sub-indices are weighted based on the sum of the value of the properties of each stratum in the previous year.
Base Year
The base year is 2015=100.
Data Revision
Data is marked as provisional and is revised as soon as new information is available.
The Predefined Tables available in Excel format, are updated up to and including the 4th quarter of 2022. More recent data is published only on the CYSTAT-DB Online Database.
For more information visit the CYSTAT Portal, subtheme Price Indices, CYSTAT-DB (Online Database), Predefined Tables (Excel), Methodological Information or contact Mr Filippos Kakoutsis (tel: 22605149, email: fkakoutsis@cystat.mof.gov.cy) or Ms Constantia Papageorgiou (tel: 22602116, email: cpapageorgiou@cystat.mof.gov.cy).
(NG/IA)