Cyprus has slipped to 42nd place in the Knight Frank Global House Price Index for Q1 2025, recording a nominal rise of 2.0% in housing prices and a real increase of just 0.4% after inflation adjustment.
The Knight Frank Global House Price Index is a widely recognised benchmark that tracks and compares residential property price movements across dozens of countries and regions worldwide.
Cyprus’ journey from 18th to 42nd place
Cyprus has been on a clear downward trend since 2023.
- Q1 2023: 18th place with an 8.5% rise
- Q4 2023: 15th place with 6.5%
- Q1 2024: 19th place with 5.5%
- Q4 2024: 43rd place with 1.0%
- Q1 2025: 42nd place with 2.0%
This marks a steep fall from its earlier momentum.
Greece holding firm
Greece, while also losing some of its 2023 strength, managed to maintain more stability.
- Q1 2023: 6th place (14.5%)
- Q4 2023: 4th place (11.8%)
- Q1 2024: 6th place (10.4%)
- Q4 2024: 23rd place (6.6%)
- Q1 2025: 18th place (6.8%)
Global picture: inflation and monetary policy
Globally, house prices rose 2.3% in Q1 2025 — the highest since mid-2024, yet still well below the long-term average of 5.1%. The rebound is largely attributed to lower interest rates, easing borrowing costs. However, persistent inflation continues to erode real purchasing power.
- Turkey topped the index with a 32.2% nominal rise, though in real terms prices actually fell by 4.2% due to high inflation.
- Mainland China (–7.5%) and Hong Kong (–6.5%) remained at the bottom.
2023–2024 trends
- End of 2024: Cyprus at 43rd (1.0%), Greece at 23rd (6.6%), Turkey still leading (29.4%).
- Start of 2024: More resilience with a global 3.6% rise; Cyprus 19th (5.5%), Greece 6th (10.4%).
- End of 2023: Stronger growth at 3.9%; Cyprus 15th (6.5%), Greece 4th (11.8%).
- Start of 2023: Global slowdown at 3.6%, Cyprus 18th (8.5%), Greece 6th (14.5%), Turkey surging 132.8%.
Knight Frank Global House Price Index
The Knight Frank Global House Price Index is published quarterly and serves as a key tool for investors, analysts, and policymakers, offering a consolidated view of international housing market trends and cross-country comparisons.
