In an event attended by state officials, representatives from banking institutions and dignitaries from various professional bodies, RICS Cyprus in association with the Cyprus Association of Quantity Surveyors and Construction Economists (SEESOK) launched its Cyprus Property Price Index.

Meeting the long-time need for an unbiased tool of measure in the field, the index monitors property prices and monthly rents across all districts and property types across 46 locations and will be produced on a quarterly basis.

Attendees at the launch were addressed by the President of RICS Cyprus, Petros Stylianou MRICS, the vice-President of SEESOK Anna Stylianou MRICS, and by the ex-Minister of Finance, Dr Michalis Sarris. The key speaker was Professor Patrick McAllister of the Department of Real Estate and Planning at the University of Reading, who with Professor McAllister and Dr Franz Fuerst were commissioned by RICS Cyprus to develop the methodology underpinning the index. Professor McAllister explained the merits of the chosen approach in a market like Cyprus where there are few transactions of directly comparable properties and where information can be opaque.

To know more on the methodology and findings, please visit www.joinricsineurope.eu/cyprus