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According to a preliminary estimate by the Statistical Service, the House Price Index (HPI) for the first quarter of 2023 is estimated at 110.14 points. Compared to the fourth quarter of 2022, the CPIQ increased by 2.0% and compared to the corresponding quarter of 2022, it increased by 5.9%.
The variation of the Index for the period from Q1 2022 to Q1 2023, as well as the quarterly and annual percentage change are shown in the table below:
| 1st Quarter 2022 | 2nd Quarter 2022 | 3rd Quarter 2022 | 3rd Quarter 2022 |
3rd Quarter 2022
[/TD] [TD] [TD]41st Quarter 2022
[/TD] [TD]1st Quarter 2023
[/TD] [/TD] [TR] [TD]Quarterly CPI (2015=100)
[/TD] [TD]103,95
[/TD] [TD]106.35
[/TD] [TD]112.51
[/TD] [TD]108.03
[/TD] [TD]110,14
[/TD] [/TR] [TR] [TD]Quarterly change(%)
[/TD] [TD]0.5
[/TD] [TD]2.3
[/TD] [TD]5,8
[/TD] [TD]-4.0
[/TD] [TD]2.0
[/TD] [/TD] [/TR] [TR] [TD]
Annual change1 (%)
[/TD] [/TD] [TD]1,1
[/TD] [TD]2,0
[/TD] [TD]5,3
[/TD] [TD]4,4
[/TD] [TD]5,9
[/TD] [/TD] [/TR]
1 Comparison with the corresponding quarter of the previous year.
Methodological Information
Definition
The House Price Index (HICP) is a quarterly index measuring the change in the average price of housing units. It covers all types of housing units, new and existing. The value of land is included in the price.
Source of data
The source of the data used for the individual indices and weighting factors is the Department of Cadastre and Land Survey of the Ministry of Interior. The data cover all areas under the control of the Government of the Republic of Cyprus.
Data compilation
The data are categorized into two strata, existing and new housing units and for each stratum the methodology applied for the compilation of the individual indicator is the Rolling Window Hedonic Regression model. The individual indices are then weighted by the sum of the property value of each stratum in the previous year.
Base year
The base year is 2015=100.
Data revision
The results are identified as preliminary and then revised as soon as new information becomes available.
For more information, interested parties can visit the Statistical Service Portal, under Price Indices, CYSTAT-DB (Database), Predefined Tables (Excel), Methodological Information or contact Mr. Philippos Kakoutsis: tel.:+35722605149, tel.: fkakoutsis@cystat.mof.gov.cy and Ms. Konstantia Papageorgiou: tel.:+35722602116, tel.: cpapageorgiou@cystat.mof.gov.cy.
The predefined tables in excel format are updated with data up to the 4th quarter of 2021. For the 1st quarter of 2022 and newer data, only the CYSTAT-DB Database is updated.
(NΓ/EXP)
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Views & opinions expressed are those of the author and/or PIO
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