The property price index rose by 6.7% in the first quarter of this year, when compared to the same period in 2021, according to data released by the National Statistics Office (NSO).

The PPI shows the price changes of purchased residential property. It is compiled on a quarterly basis, rather than on a monthly basis, to ensure that all figures are substantiated by larger samples.

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, the NSO explained.

During the first quarter of this year, the PPI stood at 139.52.

Provisional figures indicate that this increase was mainly driven by developments in the Maisonettes Price Index which stood at 135.95, registering an annual increase of 9.5%.

This was followed by the Apartments Price Index which stood at 139.44, recording a rise of 6.1% over the first quarter of 2021.

In the first quarter of 2021, the PPI registered a rise of 4.6% when compared to the same quarter of the preceding year.

A recent study found that property prices doubled in 2022 when compared to what they were in 2013.