House prices in Cyprus recorded a 3.1% increase in the second quarter fo 2017 compared to the first quarter and a 3.6% increase compared to the second quarter of 2016. In the first quarter of 2017 prices dropped by -3.0% compared to the last quarter of 2016, which was still a 2.4% increase compared to the first quarter of 2016. These figures come from Eurostat, the statistical office of the European Union.
Meanwhile, house prices, as measured by the House Price Index, rose by 3.8% in the euro area and by 4.4% in the EU in the second quarter of 2017 compared with the same quarter of the previous year. Compared with the first quarter of 2017, house prices rose by 1.5% in the euro area and by 1.8% in the EU in the second quarter of 2017.
Among the Member States for which data are available, the highest annual increases in house prices in the second quarter of 2017 were recorded in the Czech Republic (+13.3%), Ireland (+10.6%) and Lithuania (+10.2%), while prices fell in Italy (-0.2%). Compared with the previous quarter, the highest increases were recorded in Latvia (+6.1%), Slovakia (+5.6%) and Romania (+4.9%), while decreases were observed in Hungary (-1.5%) and Belgium (-0.7%).