row over production of cyprus property price index
News Posted On: 07 October 2009
There is a big row over the production of a property price index for Cyprus, now that Buy Sell have stopped producing an index of property prices in the country.
Buy Sell stopped producing their index of Cyprus property prices as of the first quarter of this year, "In anticipation of an official Index from the Statistical Service of the Republic of Cyprus," read the statement.
There were doubts over the validity of the data in the Buy sell index anyway, and now critics can quite easily say that they have either stopped because an official index would show how wrong they were, and/or they stopped in the first quarter of this year because their index was promotional and they didn't want to run an index of falling prices, more likely the former.
However, before there was any official statement from he Cyprus Statistical Service that they would be taking over producing the index, the Cyprus banks announced that they would start running an index. This has got the critics' backs up as to their motivations and ulterior motives that they may have.
In an interview with the Financial Mirror George Mouskides, chairman of the Association for the Promotion of Property Developments, said that:
"A Property Price Index is a positive and useful tool. Provided it is accurate, it is a useful statistical tool for all those involved in the property sector. But it is worse to have an unsound PPI than not to have one at all. This is why the banks should approach this particular issue without agendas and ulterior motives if they really want to have positive results.
Moreover, banks should not proceed alone with this. It is essential that the Land Registry be involved, not simply as a partner, but as a protagonist."
So when RICS Cyprus recently said that they would also be running an index starting in January 2010, this also got the critics' backs up for the same reason.
The consensus of opinion is that CYSTAT should take up the production of an official Cyprus property price index, based on reports from the Land Registries in the various regions.
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