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House prices increased in Cyprus compared to last year

05/04/2023 06:01

In the fourth quarter of 2022, house prices in Cyprus increased by 4.4% compared to the same quarter last year, but dropped by 4.0% compared to the third quarter, according to data published by Eurostat, the statistical service of the European Union.

Eurostat does not include specific information for tendencies regarding rent prices during the same period on a national level.

On the EU level, during the fourth quarter of 2022, compared with the same period in 2021, there was a 2.5% rise in rents and a 3.6% increase in house prices.

Compared with the third quarter of 2022, house prices showed a decrease for the first time since the upward trend began in 2015 (-1.5% in the fourth quarter of 2022 compared with the third quarter of 2022). Meanwhile, rents continued their upward trajectory (+0.6% compared with the third quarter of 2022).

House prices and rents in the EU followed a similar increasing path between 2010 and the second quarter of 2011. However, after this quarter, house prices and rents have evolved differently. While rents increased steadily throughout this period up to the fourth quarter of 2022, house prices fluctuated considerably.

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. After a rapid rise in early 2015, house prices increased faster than rents until the second quarter of 2022.

In the third quarter of 2022, house prices increased at the same pace as rents (both +0.7% compared with the second quarter of 2022).

From 2010 until the fourth quarter of 2022, rents increased by 19% and house prices by 47%.

House prices more than double in some EU countries since 2010, small reduction in Cyprus

When comparing the fourth quarter of 2022 with 2010, house prices increased more than rents in 18 EU countries. Cyprus is one of the new few member states where housing prices decreased, while rent prices increased slightly.

More specifically, between 2010 and 2022 house prices increased in 24 EU countries and decreased in three. They more than doubled in Estonia (+199%), Hungary (+174%), Lithuania (+142%), Luxembourg (+136%), Latvia (+133%), Austria (+126%) and Czechia (+125%).

Decreases were observed in Greece (-14%, see methodological notes), Italy (-9%) and Cyprus (-4%).

For rents, prices increased in 26 EU countries and decreased in one, with the highest rises in Estonia (+216%) and Lithuania (+160%). The only decrease was recorded in Greece (-23%).