Cyprus property rates kept growing in Q4

House prices in Cyprus continued their upward trajectory in the fourth quarter of 2023, with apartment prices being the primary driving force, as per a report released by the Central Bank of Cyprus on Tuesday. The House Price Index (HPI) maintained its climb both annually and quarterly.

Despite a slight dip in demand, evidenced by comparative sales data from the CTI, house prices persisted in their upward trend during the fourth quarter of 2023. Factors influencing this trend include rising mortgage rates impacting new mortgage demand, a normalization of foreign buyer interest, an increase in residential property supply, and stabilized construction material prices. Consequently, the expectation is for the CPI to show more moderate increases in the near term.

Data from the Department of Lands and Surveys (DLS) revealed a slowdown in the year-on-year increase of total...