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According to a preliminary estimate by the Statistical Service, the House Price Index (HPI) for the third quarter of 2023 is estimated at 110.65 points. Compared to the second quarter of 2023, the CPI increased by 0.4% and compared to the corresponding quarter of 2022 it increased by 0.6%.
The variation of the Index for the period from the third quarter of 2022 to the third quarter of 2023 as well as the quarterly and annual percentage change are presented in the table below.
| Table |
[TR] [TD]
[/TD] [TD]
3rd Quarter 2022
[/TD] [TD]4th Quarter 2022
[/TD] [TD]1st Quarter 2022
[/TD] [TD]1st Quarter 2023
[/TD] [/TD] [TD]2nd Quarter 2023
[/TD] [TD]3rd Quarter 2023
[/TD] [/TR] [TR] [TD]Quarterly CPI (2015=100)
[/TD] [TD]109,95
[/TD] [TD]108.27
[/TD] [TD]110.31
[/TD] [TD]110,15
[/TD] [TD]110.65
[/TD] [/TR] [TR] [TD]Quarterly change(%)
[/TD] [TD]3.4
[/TD] [TD]-1,5
[/TD] [TD]1.9
[/TD] [TD]-0.1
[/TD] [TD]0.4
[/TD] [/TD] [/TR] [TR] [TD]Annual change1 (%)
[/TD] [/TD] [TD]2,9
[/TD] [TD]4.7
[/TD] [TD]6.1
[/TD] [TD]3.6
[/TD] [TD]0.6
[/TD] [/TR]
1 Comparison with the corresponding quarter of the previous year.
Methodological Information
Definition
The House Price Index (HICP) is a quarterly indicator 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 value of the properties in each stratum in the previous year.
Base year
The base year is 2015=100.
Data Revision
The results are determined as preliminary and then revised as new information becomes available.
The Preliminary Tables in Excel format are updated with data up to Q4 2021. For Q1 2022 and newer data, only the CYSTAT-DB Database is updated.
For more information, interested parties can visit the Statistical Office Portal, under Price Indices, CYSTAT-DB (Database), Predefined Tables (Excel), Methodological Information or contact Mr. Filippos Kakoutsis (tel.: 22605149, tel.: fkakoutsis@cystat.mof.gov.cy) or Ms. Konstantia Papageorgiou (tel.: 22602116, tel.cpapageorgiou@cystat.mof.gov.cy).
(NΓ/EATH)
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