Cypriots spend the least on housing needs compared with other EU states

Based on data from the European Statistical Office (Eurostat), Cyprus recorded the lowest rate of housing cost overburden in the EU in 2020, the finance ministry said in a statement.

The EU average stood at 7.8 per cent, but with large differences between member states.

Rates below 5 per cent were recorded in 13 member states, with the lowest rates in Cyprus (1.9 per cent), Lithuania (2.7 per cent), Malta (2.8 per cent) and Slovakia (3.2 per cent).

Rates above 10 per cent were recorded in three member states with the highest being 33.3 per cent.

The housing cost overburden rate represents the proportion of the population living in households that spend 40 per cent or more of their disposable income on housing costs.

Based on the above data, as reported, only 1.9 per cent of the population of Cyprus spends more than 40 per cent of their disposable income on housing needs.

The aforementioned statistics demonstrate and confirm the affordability of housing in Cyprus, Eurostat said.