Apartments push up property price index by 6.6% in first quarter

During the first quarter of this year, the Property Price Index (PPI) stood at 148.89, a rise of 6.6 per cent when compared to the corresponding quarter of 2022

The property price index has risen by 6.6% in the first quarter of 2023, compared to the same quarter last year.

The index now stands at 148.89, the price increase being mainly driven by developments in the Apartments Price Index (148.97), registering an annual increase of 6.8%.

In the first quarter of 2022, the PPI registered a rise of 6.8 per cent when compared to the same quarter of the preceding year.

The PPI shows the price changes of purchased residential property. The PPI covers apartments, maisonettes and terraced houses only. However, price changes in these property types are deemed to be indicative of developments in the property market in general.