House prices up 1.7% in Q3 2018

House Price Index (HPI) for the third quarter of 2018 increased 1.7% compared to the corresponding quarter of 2017, according to preliminary estimate of the Statistical Service Friday by the Statistical Service of Cyprus.

The HPI for the third quarter of 2018 amounts to104.19 units. Compared to the second quarter of 2018, the index increased by 0.2%.

HPI is a quarterly index which measures the change in the average prices of residential dwellings. It captures all types of residential properties, both new and existing. The land component of the residential property is included.

The Statistical Service also announced that the Price Index of Construction Materials increased 1.7% in 2018 compared to 2017. For December the index 2018 reached 101.15 units (base year 2015=100.00), recording a marginal increase of 0.04% compared to the previous month.

The increase of the index in 2018 over the previous year is mainly due to the increase in the prices of the following materials:

Bitumen asphalt: 18.96%

Structural grid: 14.46%

Building iron: 11.95%

Aluminium doors and windows: 5.38%

Asphalt concrete: 4.97%

Structural steel: 4.44%

On the other hand, some materials recorded a decline in their prices compared to 2017. The most significant are:

Bricks: -24.54%

Thermal insulation: -5.94%

Lifts: -1.73%

Waterproofing: -1,51%

Source: Cyprus News Agency