The state statistical service (Cystat) has announced a revision of Cyprus’ quarterly house price index to improve accuracy and better reflect real estate market trends, releasing an accompanying analytical report to explain the changes and provide greater transparency.

The revision covers the period from 2016 up to the second quarter of 2025 and aims to enhance the stability, coherence and accuracy of the index, according to the Statistical Service.

The authority explained that the revision was necessary due to improvements in the quality adjustment process of the house price index, achieved through the updating and inclusion of additional variables in the index compilation methodology.

It added that richer, more comprehensive and updated microdata from the main administrative data source were also incorporated into the revised calculations.

The statistical service underlined that the revised index shows greater correlation with other related official indices it produces, while more accurately reflecting the evolution of the real estate market over the past decade.

Further methodological details on how the house price index is compiled are available in the methodological information section published by the service.

Following the revision, the house price index for the second quarter of 2025 was estimated at 147.24 index points.

Compared with the first quarter of 2025, the index showed a quarterly decrease of 1.9 per cent.

On a year-on-year basis, the index increased by 2.7 per cent compared with the corresponding quarter of 2024.

To coincide with the revision, the authority also announced the publication of the report “House Price Index 2015–2024”.

The report provides detailed information on the revised house price index and its sub-indices covering new and existing dwellings.

The statistical service said the report is available on its web portal.

The house price index is defined as a quarterly index measuring changes in the average prices of residential dwellings.

It captures all types of residential properties, including both new and existing homes, with the land component of residential property included in the calculation.

The data used for compiling both the indices and their weights are sourced from the Department of Lands and Surveys.

The figures cover all areas under the control of the government of the Republic of Cyprus.