House prices in Cyprus fell 5.7 per cent year-on-year in the first quarter, the third highest drop in the European Union, the EU’s statistical service, Eurostat, said on Thursday.
Compared with the previous quarter, prices in Cyprus dropped 0.9 per cent.
House prices in the eurozone dropped 0.3 per cent in Q1 and rose 1.0 per cent in the European Union, according to Eurostat’s House Price Index.
Among the EU Member States for which data are available, the largest annual falls in house prices in the first quarter of 2014 were recorded in Croatia (-9.7 per cent), Slovenia (-6.6 per cent) and Cyprus (-5.7 per cent), and the highest increases in Estonia (+17.5 per cent), Latvia (+10.4 per cent) and the United Kingdom (+8.0 per cent).
The largest quarterly falls were recorded in Croatia (-2.7 per cent), Luxembourg (2.3 per cent), and Slovenia (-1.7 per cent), and the highest increases in Estonia (+4.8 per cent), Sweden (+2.4 per cent) and the United Kingdom (+2.2per cent).