House Prices up 8% in Cyprus

House prices, as measured by the House Price Index, rose by 4.2% in both the euro area and the EU in the second quarter of 2019 compared with the same quarter of the previous year, according to Eurostat, the statistical office of the European Union. Compared with the first quarter of 2019, house prices rose by 1.7% in the euro area and 1.6% in the EU in the second quarter of 2019.

In Cyprus house prices increased by 4.2% in quarterly and by 8.0% in annual basis, after 0.8% and 4.3% respectively for the previous quarter. Greece did not make any such data available to Eurostat.

Among the Member States for which data are available, the highest annual increases in house prices in the second quarter of 2019 were recorded in Hungary (+14.0%), Luxembourg (+11.4%), Croatia (+10.4%) and Portugal (+10.1%), while prices fell in Italy (-0.2%). Compared with the previous quarter, the house prices increased in all Member States for which the data is available. Highest increases were recorded in Latvia (+5.6%), Luxembourg (+5.1%) and Cyprus (+4.2%).