Mortgage interest rates for new housing loans in Cyprus remained high during September 2024, despite the declining trend in rates set by the European Central Bank (ECB).

According to a report released by the Central Bank of Cyprus (CBC), the general lending rate across all monetary and financial institutions in Cyprus rose from 4.33 per cent in August to 4.49 per cent in September.

Several major banks, including the Bank of Cyprus and Eurobank, increased their rates during the month.

In contrast, other banks, such as Astrobank and Hellenic Bank, recorded a slight decrease.

Variable interest rates for new housing loans from Cypriot banks in September were generally varied.

The Cyprus Development Bank offered the highest rate at 5.22 per cent, up from 4.96 per cent in August, followed by the Bank of Cyprus at 5.11 per cent, which saw a significant rise from 4.36 per cent.

Eurobank’s rate increased from 4.65 per cent to 4.99 per cent, while Astrobank and Hellenic Bank saw their rates decline to 4.28 per cent and 4.12 per cent, respectively.

For corporate loans under €1 million, the average interest rate increased marginally to 5.61 per cent from 5.56 per cent in August.

Banque SBA recorded the highest rate at 7.96 per cent, a slight decrease from the previous month, while Hellenic Bank reported the lowest rate at 4.92 per cent.

Deposit interest rates for households also rose, reaching an average of 1.98 per cent in September, compared to 1.79 per cent in August.

Eurobank Cyprus led with the highest deposit rate at 2.83 per cent, followed by the National Bank of Greece (Cyprus) at 2.46 per cent.

Other banks, including the Housing Finance Corporation and Jordan Abli Bank, offered competitive rates above 2 per cent, whereas the Bank of Cyprus provided the lowest deposit rate at 1.19 per cent.