real estate

During the first three months of 2023, the property price index (PPI) hit a new high having risen by 1.1 per cent to 148.89 over the previous quarter, largely due to a rise in maisonette prices.

When compared to the corresponding quarter of 2022, the PPI rose by 6.6 per cent.

The PPI shows the price changes of purchased residential property according to data collected by the National Statistics Office. While the index only covers apartments, maisonettes and terraced houses, the value of these property types is considered indicative of developments in the property market in general.

On a year-on-year basis, the increase was largely driven by developments in the apartments price index, which stood at 148.97 in Q1 2023, having registered an annual increase of 6.8 per cent. However, compared to the previous quarter, the apartments price index only increased by 0.5 per cent.

On a quarter-to-quarter basis, the increase was largely driven by developments in the maisonette price index, which stood at 143.69 in Q1 2023, having registered a quarterly increase of 3.3 per cent. On an annual basis, the maisonette price index increased by 5.1 per cent.

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