Prices of property rise by 2.8% in first quarter of 2015

NSO says that in the first quarter this year, the Property Price Index stood at 104.76, a rise of 2.8%, compared with the corresponding period last year.

According to the National Statistics Office in the first quarter, the Property Price Index (PPI) increased by 2.8%, with the main driver being a rise of 4.5% in the Apartments Index compared with the corresponding quarter last year.

Figures show that the Maisonettes Index remained the same but that this resulted in a 3.4% increase in the Aggregate (apartments and maisonettes) Index.

Figures for the Property Volume Index (PVI) showed that the value of transactions in the first quarter of this year increased by 11.9% when compared to the corresponding period last year.

NSO shows that the largest increase was recorded in the Apartments Index, by 15.4%. Apartments reportedly accounted for 73.2% of the total transactions recorded in the past year, whereas the locality registering the largest number of transactions was St. Paul’s Bay with 8.7% of total transactions.