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Cyprus take on the Euro
16/01/2008
Cyprus house prices up 19.2 pct y/y in 2007
Reuters
Tuesday January 15 2008
NICOSIA, Jan 15 (Reuters) - Cyprus house prices rose nearly 20 percent last year despite central bank efforts to curb the rate of increase.
The BuySell price tracker said on Tuesday that the year-on-year rate of house price increases eased to 19.2 percent in December from 21 percent in November.
However, the year-on-year rate was nearly three times higher than the 6.6 percent increase during 2006.
The average price of a house was 108,344 Cyprus pounds ($275,731) last month.
Cyprus's Central Bank imposed curbs on mortgages in mid-2007, expressing concern that rampant credit expansion was feeding into house prices. But house price inflation raced ahead in the second half of the year, up from a 9.7 percent annual rate in July, partly due to the prospect of lower interest rates once Cyprus joined the Euro zone on Jan. 1 and speculation about imposition of value-added tax on sales of land plots. (Editing by Stephen Nisbet)
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