The Cyprus real estate market is set to gain greater clarity following a major revision to the country’s quarterly House Price Index (HPI), announced by the Cyprus Statistical Service (Cystat).
The revised index, which covers the period from 2016 to the second quarter of 2025, aims to improve accuracy and provide a more reliable reflection of long-term housing market trends.
According to Cystat, the update was driven by enhancements to the quality adjustment process used in compiling the index. This included updating the methodology with additional variables and incorporating richer, more comprehensive microdata sourced from key administrative records. The revised approach strengthens the stability, coherence and overall reliability of the index, allowing it to better track changes across Cyprus’ residential property market.
The statistical service noted that the revised house price index now shows stronger alignment with other official indices it produces, offering a clearer picture of how property values have evolved over the past decade. Further details on the methodology are available in Cystat’s published methodological information.
Following the revision, the House Price Index for the second quarter of 2025 was estimated at 147.24 points. On a quarterly basis, the index recorded a decrease of 1.9 per cent compared with the first quarter of 2025. However, on an annual basis, prices continued to rise, with the index showing a year-on-year increase of 2.7 per cent compared with the second quarter of 2024.
To coincide with the revision, Cystat also released a comprehensive analytical report titled “House Price Index 2015–2024“. The publication provides in-depth analysis of the revised index and its sub-indices, covering both new and existing dwellings.
The House Price Index measures quarterly changes in average residential property prices, including apartments and houses, with land values incorporated. Data and weighting for the index are sourced from the Department of Lands and Surveys, ensuring broad market coverage.
