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Price of houses shows small increase
August 20, 2020
The housing price index (HPI) was up 1.8 per cent in the first quarter of this year, according to the Central Bank figures released on Wednesday.
It was a smaller rise than in the last two quarters of 2019, when it rose by 2.8 per cent in the third and 2.2 per cent in the fourth, indicating a small downward trend.
The Central Bank report said the modest rise of the HPI “owed to the decrease in demand for properties both by foreign investors and Cypriot buyers.” Since the middle of last year there had been some downward pressure on prices, “primarily because of the stricter criteria of the Cyprus Investment Programme,” explained the Central Bank.