High-end apartments fuel property price increases - CBM quarterly review
Property prices in the first three months of this year rose by 5.5% on a year earlier, the Central Bank has found, on the basis of its survey of advertised prices. Prices also rose by 6.1% in the previous quarter. The increase in the overall property price index over its year-ago level was primarily a result of developments in the market for apartments, the bank said. Apartments saw an annual increase of 8.7%. The main reason behind this relatively strong growth was the increased number of advertised upmarket properties in high value areas compared with previous years. During the first quarter of 2012, asking prices in the “other” category, which consists of townhouses, houses of character and villas rose by 4.1%. This increase was largely a result of higher asking prices for houses of character. Prices of villas and townhouses also increased; however, their impact on the headline rate was more contained. On the other hand, asking prices for maisonettes were marginally down ove