The residential property price indices for Cyprus are constructed by the Central Bank of Cyprus’s Real Estate Unit (REU), which is part of the Economic Analysis and Research Department, in collaboration with the member banks of the Association of Cyprus Banks (Bank of Cyprus, Hellenic Bank, Alpha Bank, National Bank of Greece, USB Bank, the Cyprus Development Bank, Societe Generale, Astro Bank, RCB Bank, Ancoria Bank and Eurobank) and the Co-operative Central Bank. The indices are based on property valuation data collected since 2006 by the contracted banks, which receive the relevant information from independent property surveyors in connection with mortgage transactions, such as housing loans, mortgage refinancing and mortgage collateral. The data, which are representative of the Cyprus property market, cover all the areas under the effective control of the Republic of Cyprus (Nicosia, Limassol, Larnaca, Paphos and Famagusta) and refer to residential properties (houses and apartments). The base period for all the indices is the first quarter of 2010 (i.e. 2010Q1=100). The Central Bank of Cyprus will be publishing the relevant data series on a quarterly basis. Further information and explanations on the methodology used for the construction of the various price indices is available in the methodology report.