The Central Bank of Cyprus (CBC) has today published the residential property price index (RPPI) for 2015Q2. The time series for the index and the quarterly report, which outlines the results of the indices along with the latest real estate market developments, are available on the CBC website:
Summary:
- The deceleration of the quarterly decreases in the RPPI intensified in 2015Q2.
- On a quarterly basis the RPPI (houses and apartments) recorded a marginal decrease of 0,4% in 2015Q2. House prices and apartment prices recorded quarterly decreases of 0,4% and 0,6%, respectively.
- On an annual basis, the RPPI recorded a decrease of 5% in 2015Q2, exhibiting smaller decelerating rates for the fifth consecutive quarter.
- The broad economy has exhibited signs of recovery with GDP recording positive growth rates in 2015, while the demand for properties continues to record positive annual changes. These developments are expected to support the stabilisation of residential property prices.