22/01/2014 06:00
Residential property prices in Cyprus recorded the highest decline in the EU in the third quarter of 2013, according to Eurostat data released on Tuesday.
According to the figures, property prices in Cyprus fell 8% compared with the third quarter of 2012.
The annual decrease is lower than that observed in the second quarter, when prices dropped 8.8 %.
Eurostat data are based on a different methodology than that of the Central Bank of Cyprus.
The house price index of the CB showed an annual decrease of 7.2 % in the third quarter.
Based on the CB data, despite the decline in recent years, residential property prices in Cyprus are still much higher than those of 2006.
Apart from Cyprus, a significant decrease of 6.4% was registered in Spain.
In the euro area, prices fell by 1.2 % compared with the third quarter of 2012 while in the EU the decline stood at 0.5%.
In the second quarter of 2013, prices had recorded an annual decrease of 2.4 % in the euro area and 1.4 % in the EU.
Among the EU Member States for which data are available, the highest annual increases in house prices in the third quarter of 2013 were recorded in Estonia (+11.1%), Luxembourg (+6.5%, flats only) and Latvia (+6.2%),
Quarterly basis
Compared with the second quarter of 2013, house prices rose by 0.6% in the euro area and by 0.7% in the EU in the third quarter of 2013.
The highest quarterly increases in the third quarter of 2013 were recorded in Estonia (+5.3%), Ireland (+4.1%), and the United Kingdom (+2.5%), and the largest falls in Slovenia (-4.0%), Denmark (-3.3%) and Romania (-2.4%).
In Cyprus, prices fell by 0.4% against a decline of 3.4% in the second quarter.
According to the figures, property prices in Cyprus fell 8% compared with the third quarter of 2012.
The annual decrease is lower than that observed in the second quarter, when prices dropped 8.8 %.
Eurostat data are based on a different methodology than that of the Central Bank of Cyprus.
The house price index of the CB showed an annual decrease of 7.2 % in the third quarter.
Based on the CB data, despite the decline in recent years, residential property prices in Cyprus are still much higher than those of 2006.
Apart from Cyprus, a significant decrease of 6.4% was registered in Spain.
In the euro area, prices fell by 1.2 % compared with the third quarter of 2012 while in the EU the decline stood at 0.5%.
In the second quarter of 2013, prices had recorded an annual decrease of 2.4 % in the euro area and 1.4 % in the EU.
Among the EU Member States for which data are available, the highest annual increases in house prices in the third quarter of 2013 were recorded in Estonia (+11.1%), Luxembourg (+6.5%, flats only) and Latvia (+6.2%),
Quarterly basis
Compared with the second quarter of 2013, house prices rose by 0.6% in the euro area and by 0.7% in the EU in the third quarter of 2013.
The highest quarterly increases in the third quarter of 2013 were recorded in Estonia (+5.3%), Ireland (+4.1%), and the United Kingdom (+2.5%), and the largest falls in Slovenia (-4.0%), Denmark (-3.3%) and Romania (-2.4%).
In Cyprus, prices fell by 0.4% against a decline of 3.4% in the second quarter.
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