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Cyprus housing prices rise despite pandemic

Cyprus housing prices increased slightly in the first quarter of 2020, with a percentage lower than the EU average.

According to data published by Eurostat, the statistical office of the European Union, on Wednesday, Cyprus saw a 2,5 per cent annual increase in housing prices compared with the previous quarter, while house prices rose by 1.1 per cent during the first quarter of 2020 as compared with the same quarter last year.

In the EU, housing prices rose by 5.5 per cent compared with the same quarter last year.Among the Member States for which data are available, the highest annual increases in house prices in the first quarter of 2020 were recorded in Luxembourg (+14.0 per cent), Slovakia (+13.1 per cent), Estonia (+11.5 per cent), Poland (+11,3 per cent) and Portugal (+10.3 per cent), while prices only fell in Hungary (-1.2 per cent).
Compared with the previous quarter, the highest increases were recorded in Portugal (+4.9 per cent), Estonia (+4.8 per cent) and Slovakia (+4.0 per cent), while decreases were observed in Malta (-4.3 per cent), Hungary (-1.1 per cent), Ireland (-0,8 per cent) and Belgium (-0.1 per cent).

Since 2007 rents in member states increased steadily throughout the period up to the first quarter of 2020, while house prices have fluctuated significantly.
Cyprus’ housing prices since 2007 have decreased (about 10 per cent), while rents saw a slight rise.

After an initial sharp decline following the financial crisis, house prices remained more or less stable between 2009 and 2014. Then there was a rapid rise in early 2015, since when house prices have increased at a much faster pace than rents. Over the period 2007 until the first quarter of 2020, rents increased by 20.8 per cent and house prices by 20.5 per cent.

Cyprus has the highest price index for newly built dwellings in contrast to existing dwellings according to data from the available countries. However, due to limited data availability, no European aggregates are compiled for these sub-categories.

Eurostat included all 27 European member states, plus the UK in these statistics.



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