House price index has 2.5% annual growth in Q2 2024

According to CySTAT's initial projections, the House Price Index (HPI) for the second quarter of 2024 is 112.86 units, which represents a 2.5% annual increase over the same quarter in 2023. This increase illustrates the property market's year-over-year consistent rising trend.

Apart from the annual growth, there was a small yet noteworthy quarterly increase in the Index. The HPI increased by 1.2% from the first quarter of 2024 to the same period the previous year, indicating that the housing market is still doing well.

A quarterly indicator of changes in the average cost of residential real estate is the House Price Index. The value of the land as a component of the property is taken into consideration, and all kinds of residential units, both newly built and existing, are covered. The HPI serves as an important indicator for understanding property price trends in the real estate market.