Cyprus witnessed a growth in house prices during the first quarter of 2024, as evidenced by the latest figures released by the Cyprus Statistical Service (Cystat) on Thursday.

According to a preliminary estimate, the House Price Index (HPI) for the first quarter of 2024 stood at 111.53 points.

This index represents a modest year-on-year increase of 1.1 per cent, a notable slowdown compared to the 1.6 per cent annual increase seen in the fourth quarter of 2023.

Over the past year, the growth trajectory has varied significantly. The HPI rose by 1.9 per cent in the first quarter of 2023 but saw a decline in subsequent quarters—falling by 0.1 per cent in the second quarter, rising by 0.4 per cent in the third, and dropping by 0.6 per cent in the fourth.

On a quarter-over-quarter basis, the index saw a significant rebound, rising by 1.4 per cent in the first quarter of 2024. This marks a notable recovery from the decrease recorded in the previous quarter.