Cyprus house prices, rents edge down over 2010-2020

House prices and rents dropped around 3 per cent to 4 per cent in Cyprus between 2010 and the fourth quarter of 2020, unlike the majority of other EU member states, the European statistical service Eurostat said on Thursday.

Between 2010 and the second quarter of 2011, house prices and rents in the EU followed similar paths.

Since the second quarter of 2011, they have followed very different paths: while rents increased steadily throughout the period up to the fourth quarter of 2020, house prices have fluctuated significantly.

After a sharp decline between the second quarter of 2011 and the first quarter of 2013, house prices remained more or less stable between 2013 and 2014.

There was a rapid rise in early 2015, and since then house prices have increased at a much faster pace than rents.

Over the period 2010 until the fourth quarter of 2020, rents increased by 14.9 per cent and house prices by 28.6 per cent.

When comparing the fourth quarter of 2020 with 2010, house prices increased more than rents in 18 EU states.

House prices increased in 23 states and decreased in four, with the highest rises in Estonia (+112.8 per cent), Luxembourg (+99.8 per cent), Hungary (+90.6 per cent), Latvia (+85.6 per cent) and Austria (+81.4 per cent). Decreases were observed in Greece* (-28.1 per cent), Italy (-15.2 per cent), Spain (-5.2 per cent) and Cyprus (-3.4 per cent).

Concerning rents, when comparing the fourth quarter of 2020 with 2010, prices increased in 25 states and decreased in two, with the highest rises in Estonia (+143.5 per cent), Lithuania (+109.2 per cent) and Ireland (+61.8 per cent). Decreases were recorded in Greece (-25.2 per cent) and Cyprus (-4.1 per cent).