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Cyprus House Price Index Sees 2.7% Yearly Growth

Residential property prices continued their upward trend, with the House Price Index (HPI) climbing by 2.7% year-on-year in the third quarter of 2024, according to preliminary data from the Statistical Service of Cyprus (CYSTAT).

Quarter-on-quarter, the HPI recorded a modest 0.7% increase compared to the second quarter, bringing the index to 110.65, based on a 2015 reference year (2015=100).

The HPI is a key metric for tracking changes in the average price of residential properties across Cyprus, encompassing new and existing homes. The index also factors in the value of the land associated with these properties, making it a comprehensive measure of market trends.

Data for the index and associated weights are sourced from the Department of Lands and Surveys under the Ministry of Interior. The figures cover all areas under the control of the Republic of Cyprus and are considered provisional, subject to updates as new information becomes available.

CYSTAT uses a detailed methodology to calculate the HPI, stratifying data into old and new properties and applying a rolling window hedonic regression model to determine sub-indices. These sub-indices are then weighted according to the total value of properties in each category from the previous year.

This latest update highlights the ongoing resilience of Cyprus’s residential property market, reflecting steady demand and a stable economic backdrop.

TikTok Returns To US App Stores 

TikTok is once again available for download in the Apple and Google app stores in the US, following a delay in the enforcement of its ban by former President Donald Trump. The ban’s postponement until April 5 gives the administration additional time to evaluate the situation.

Key Developments

The decision to restore TikTok access came after Google and Apple received reassurances from the Trump administration that they would not face legal consequences for reinstating the Chinese-owned app. According to Bloomberg, US Attorney General Pam Bondi sent a letter outlining these guarantees.

In an executive order signed on January 20, Trump instructed the attorney general not to take enforcement action for 75 days, providing time for his administration to determine how to proceed.

Uncertain Future For TikTok In The US

While TikTok is back on the US app stores, its long-term survival remains uncertain. If no deal is reached by early April to address national security concerns, the app may face another shutdown. ByteDance, the parent company, has insisted that TikTok is not for sale.

Legislation And Pressure On ByteDance

The Protecting Americans from Foreign Enemy-Controlled Apps Act, which passed with bipartisan support in Congress, mandates a nationwide ban on TikTok unless ByteDance sells its US operations. This law was signed by President Joe Biden in April of last year.

In late January, the app was briefly removed from US stores following the ban’s activation, impacting over 170 million American users. However, TikTok was restored soon after, following Trump’s intervention in his first hours as president. During that time, he signed an executive order allowing 75 days for a deal that would safeguard national security. Trump also suggested that the US could take a 50% stake in TikTok, a move he believed would keep the app “in good hands.”

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