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Cyprus House Price Index Sees 2.7% Yearly Growth

by THEFUTURE.TEAM

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.

Only 1% Of Cyprus Farms Use Precision Farming Technologies

by THEFUTURE.TEAM

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.

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