The Cyprus Statistical Service announced today preliminary figures for the House Price Index (HPI) for the second quarter of 2025.
The index stood at 113.99 points (base year 2015=100), recording a small quarterly increase of 0.2% compared with the first quarter of the year.
On an annual basis, the index registered an increase of 1.0% compared with the second quarter of 2024.
HPI trend
The evolution of the House Price Index over the past twelve-months shows a gradual slowdown in annual changes; from the second quarter of 2024 through to the first quarter of 2025, annual increases ranged between 2.0% and 2.7%.
However, in the second quarter of 2025, the annual change was limited to 1.0%.
On a quarterly basis, the changes were: +1.2% in the second quarter of 2024, +0.7% in the third quarter, -1.0% in the fourth quarter, +1.1% in the first quarter of 2025, and +0.2% in the second quarter of 2025.
House price index methodology
According to the CYSTAT, the Cyprus House Price Index (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 data source used for both, indices and weights, is the Department of Lands and Surveys, Ministry of Interior. The data cover all areas which are under the control of the government of the Republic of Cyprus.
“Data are marked as provisional and are revised as soon as new information is available.”
In its press release, CYSTAT advised that “the data are stratified into two strata; old and new dwellings. For each stratum a rolling window hedonic regression model is used in order to calculate the sub-indices. Then, the sub-indices are weighted based on the sum of the value of the properties of each stratum in the previous year.”
| Year | Quarter | House Price Index (2015=100) |
Quarterly Change (Compared to the previous quarter) (%) |
Annual Change (Compared to the same quarter of the previous year) (%) |
|---|---|---|---|---|
| 2010 | Q1 | 114.37 | -1.6 | -6.6 |
| Q2 | 112.79 | -1.4 | -6.9 | |
| Q3 | 112.39 | -0.4 | -5.7 | |
| Q4 | 112.05 | -0.3 | -3.6 | |
| 2011 | Q1 | 111.56 | -0.4 | -2.5 |
| Q2 | 113.99 | 2.2 | 1.1 | |
| Q3 | 111.22 | -2.4 | -1.0 | |
| Q4 | 107.60 | -3.2 | -4.0 | |
| 2012 | Q1 | 106.40 | -1.1 | -4.6 |
| Q2 | 106.02 | -0.4 | -7.0 | |
| Q3 | 110.14 | 3.9 | -1.0 | |
| Q4 | 108.22 | -1.7 | 0.6 | |
| 2013 | Q1 | 104.54 | -3.4 | -1.7 |
| Q2 | 104.77 | 0.2 | -1.2 | |
| Q3 | 103.05 | -4.7 | -9.3 | |
| Q4 | 100.78 | 0.9 | -6.9 | |
| 2014 | Q1 | 98.08 | -2.7 | -6.2 |
| Q2 | 103.55 | 5.6 | -1.2 | |
| Q3 | 102.70 | -0.8 | 2.8 | |
| Q4 | 101.56 | -1.1 | 0.8 | |
| 2015 | Q1 | 97.52b | ||
| Q2 | 100.59 | 3.1 | ||
| Q3 | 102.49 | 1.9 | ||
| Q4 | 99.40 | -3.0 | ||
| 2016 | Q1 | 97.29 | -2.1 | -0.2 |
| Q2 | 99.18 | 1.9 | -1.4 | |
| Q3 | 101.87 | 2.7 | -0.6 | |
| Q4 | 102.72 | 0.8 | 3.3 | |
| 2017 | Q1 | 99.64 | -3.0 | 2.4 |
| Q2 | 102.74 | 3.1 | 3.6 | |
| Q3 | 102.46 | -0.3 | 0.6 | |
| Q4 | 105.24 | 2.7 | 2.4 | |
| 2018 | Q1 | 103.10 | -2.0 | 3.5 |
| Q2 | 104.01 | 0.9 | 1.2 | |
| Q3 | 103.12 | -0.9 | 0.6 | |
| Q4 | 107.04 | 3.8 | 1.7 | |
| 2019 | Q1 | 107.93 | 0.8 | 4.7 |
| Q2 | 112.73 | 4.5 | 8.4 | |
| Q3 | 105.64 | -6.3 | 2.4 | |
| Q4 | 106.51 | 0.8 | -0.5 | |
| 2020 | Q1 | 109.13 | 2.5 | 1.1 |
| Q2 | 109.48 | 0.3 | -2.9 | |
| Q3 | 104.21 | -4.8 | -1.3 | |
| Q4 | 109.10 | 4.7 | 2.4 | |
| 2021 | Q1 | 102.82 | -5.8 | -5.8 |
| Q2 | 104.07 | 1.2 | -4.9 | |
| Q3 | 106.55 | 2.4 | 2.2 | |
| Q4 | 103.28 | -3.1 | -5.3 | |
| 2022 | Q1 | 103.95 | 0.5 | 1.1 |
| Q2 | 106.35 | 2.3 | 2.0 | |
| Q3 | 109.95 | 3.4 | 2.9 | |
| Q4 | 108.27 | -1.5 | 4.7 | |
| 2023 | Q1 | 110.31 | 1.9 | 6.1 |
| Q2 | 110.15 | -0.1 | 3.6 | |
| Q3 | 110.65 | 0.4 | 0.6 | |
| Q4 | 109.95 | -0.6 | 1.6 | |
| 2024 | Q1 | 111.53 | 1.4 | 1.1 |
| Q2 | 112.86 | 1.2 | 2.5 | |
| Q3 | 113.62 | 0.7 | 2.7 | |
| Q4 | 112.47 | -1.0 | 2.3 | |
| 2025 | Q1 | 113.71 | 1.1 | 2.0 |
| Q2 | 113.99 | 0.2 | 1.0 |
b There is a break in the series in the first quarter of 2015 due to redefinition of the model variables.
