Cyprus-Forum.com

[123456]

According to a press release from BuySell yesterday the 2007 property price increase was a staggering 19.2%

But, according to the data provided for their chart it ended the year at a, still suspiciously impressive but, nontheless not so large amount, of 16.13%

Maybe their foolproof methodology is a victim of GIGO? (Garbage In Garbage Out)

http://www.buysellcyprus.com/nqcontent.cfm?a_id=1889

14 Jan, 2008

House prices were much more dynamic in 2007 compared to the previous year. From January to December 2007, the BuySell Home Price Index recorded a total increase of 19.2% compared to a total increase of 6.6% during 2006. (Actually this is showing as being 5.87% according to their data)
http://www.buysellcyprus.com/nqcontent.cfm?a_id=1307

Dec '07 139.06 € 185,116.71 - 1.86% +16.13%
Nov '07 141.69 € 188,612.51 + 2.51% +18.33%
Oct '07 138.22 € 183,992.45 + 3.75% +15.43%
Sep '07 133.23 € 177,351.12 + 2.65% +11.27%
Aug '07 129.79 € 172,772.07 + 0.57% + 8.39%
Jul '07 129.05 € 171,793.04 + 1.84% + 7.78%
Jun '07 126.72 € 168,686.80 + 1.72% + 5.83%
May '07 124.58 € 165,843.69 + 1.75% + 4.04%
Apr '07 122.44 € 162,990.33 + 1.08% + 2.25%
Mar '07 121.13 € 161,245.84 + 0.82% + 1.16%
Feb '07 120.14 € 159,921.68 + 0.33% + 0.33%
Jan '07 119.74 € 159,392.01 + 2.65% + 0.00%

[123456]

Ok, it would appear that todays Cyprus Mail is keen to report their "nearly one-fifth" increase whilst ignoring the glaring error in the actual figures.

Has no-one from the paper bothered to ask why there is a difference in the figures from the graph data and the press release? I did email them about this issue yesterday morning.

Go figure.

[123456]

I asked BuySell for clarification and this was their response:

Thank you for your email.

The website shows the Year to date increase which is 16.13%. This is calculated as follows: (Dec 07 - Jan 07)/Dec 07 or (139.06-119.74)/119.74 = 16.13%.

The year to date change described above is January 07 to December 07 and statistically it has a different meaning than "the increase for the year 2007."

For statistical purposes, when establishing the percent change for a whole year, i.e. 2007, the formula is Dec 07 minus Dec 06 and divide the result by Dec 06 or (139.06-116.65)/116.65 = 19.2%

We will clarify this in the press release as it is not straight forward.
Thank you for reporting this.

So "The Year to Date Increase" means something different than "The Increase for the Year". Apparently.

[Raymanoff]

[Peterc]

count yourself lucky you got a reply!

[123456]

"There are three types of lies - lies, damn lies, and statistics." - Variously attributed to Benjamin Disraeli, Alfred Marshall, Mark Twain and many other dead people.

[Sega]

Companies tend to ignore you if you ask questions like that, seriously count yourself looky you got a reply. I am still waiting to here from a company to give me my money back from having to spend money due to their bad workmanship. I am not hopeful though. They even thanked you for reporting it, and said they will do something about it too. This is good I think.

[jansler]

Buy sell full of crap,i rang them posing as a potential buyer and was told prices are rising buy as soon as you can,then went to sell my property and was told its a bad time to sell you need to sell cheap to gain a quick sale. Very poor they want me to sell cheap so they dont have a property on books for ages but want full commission, I DONT THINK SO

[phoenix]

Big deal

3% of an imaginary value.

Is that significant in the great scheme of things?

[123456]

Big deal

3% of an imaginary value.

Is that significant in the great scheme of things?

WTF?

No you're right, lets not bother trying to make sure that we are being told the truth anymore. Sod it, we'll swallow whatever we are told without question, it'll make things so much simpler.