30Oct 2023 Neapolis Property Price Index Q1 2023 The Neapolis Property Price Index (NPPI) published by the Neapolis University of Pafos (NUP) currently monitors the prices of both new and used dwellings, including houses and apartments, throughout all districts and areas of Cyprus from 2012 onwards. The aim is to extend the analysis to include additional property types in the future, thereby offering comprehensive information about the local real estate market. The indices are calculated using transaction-based data obtained from the Department of Land and Surveys of Cyprus (DLS). Approximately the entire dataset is utilized, which undergoes a thorough process of enrichment and cleaning to enhance the accuracy and reliability of the index. Furthermore, diligent attention is paid to the structuring of the database to extract optimal results. The index is intentionally published with a time lag of 1-2 quarters due to recording delays in DLS data. The methodology employed in constructing the NPPI relies on hedonic regression which was found to be the most suitable approach for this instance, considering various property attributes, such as location, size, condition, age, and more. The development process of the NPPI is based on the research article titled "A Proposal for a Residential Housing Price Index in Cyprus Through Analysis of Transaction-Based Data and Comparison With Existing Indices." (2023) authored by Stelios Apostolidis, Dr. Thomas Dimopoulos, and Dr. Martha Katafygiotou, all of whom are affiliated with the Department of Real Estate at NUP. You can download the index here Tags: Market News, real estate index, cyprus property index, real estate cyprus
