In the first quarter of this year, the Property Price Index (PPI) reached 148.89, representing a 6.6 percent increase compared to the corresponding quarter in 2022.
According to the National Statistics Office (NSO), the rise in the PPI was primarily driven by changes in the Apartments Price Index, which stood at 148.97, showing a yearly increase of 6.8 percent.
During the first quarter of 2022, the PPI experienced a growth of 6.8 percent compared to the same quarter of the previous year.
The PPI serves as an indicator of price fluctuations in residential properties that have been purchased. It is calculated on a quarterly basis to ensure the accuracy of the data, as larger sample sizes are considered.
The PPI specifically covers apartments, maisonettes, and terraced houses, and their price variations are generally reflective of overall trends in the property market.
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