Axia Valuers

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