House prices drop in Cyprus by -1.4% in quarterly but rise by 4.1% in annual basis in Q1 2017

House prices, as measured by the House Price Index, dropped by -1.4% in Cyprus for the first quarter of 2017, compared to the last of 2016, but also increased by 4.1% compared to the same quarter fo last year. The quarterly decrease was the third largest in the EU. These figures come from Eurostat, the statistical office of the European Union

Meanwhile, house prices rose by 4.0% in the euro area and by 4.5% in the EU in the first quarter of 2017 compared with the same quarter of the previous year. . Compared with the fourth quarter of 2016, house prices rose by 0.4% in the euro area and by 0.7% in the EU in the first quarter of 2017.

Among the Member States for which data are available, the highest annual increases in house prices in the first quarter of 2017 were recorded in the Czech Republic (+12.8%), Lithuania (+10.2%) and Latvia (+10.1%), while prices fell in Croatia (-0.4%) and Italy (-0.1%). Compared with the previous quarter, the highest increases were recorded in the Czech Republic (+2.9%), Latvia (+2.8%) and Sweden (+2.5%), and the largest decreases in Malta (-5.4%), Slovakia (-2.4%) and Cyprus (-1.4%).

Source: Cyprus News Agency