House prices down 4.9% in the second quarter 2021

House Price Index (HPI) for the second quarter of 2021 amounts to 104.07 units, according to preliminary estimate of the Statistical Service of Cyprus.

Compared to the first quarter of 2021, the HPI increased by 1.2% while compared to the Index of the corresponding quarter of 2020, the Index decreased by 4.9%.

The index had already fell by 5.8% in the first quarter of the year.

Increase in Building permits
 
At the same time the Statistical Service announced that the number of building permits issued by the municipal authorities and the district administration offices during July 2021 stood at 727. The total value of these permits reached €184.6 million and the total area 186.7 thousand square metres. These building permits provide for the construction of 874 housing units.
 
During the period January – July 2021, 4,717 building permits were issued compared to 3,893 in the corresponding period of the previous year, recording an increase of 21.2%. The total value of these permits fell by 1.9% and the total area increased by 10.8%. The number of housing units recorded an increase of 18.3%. 
 
Building permits constitute a leading indicator of future activity in the construction sector.