Cyprus Is Leader In Real Estate Investment In EU

Кипр — лидер среди стран ЕС по объему инвестиций в жилищный сектор
3 January 2022 Liza Medvetskaya
1346

According to the Eurostat interactive publication Housing in Europe – 2021 interactive edition, Cyprus is the leader in real estate investment in Europe.

Investments in real estate are 7.6% of the island's GDP, which is the highest in the European Union.

Cyprus is followed by Finland (7.1%) and Germany (7%). The lowest percentage was recorded in Greece (1.1%), Poland (2%), Ireland (2.1%) and Slovenia (2.3%).

Among other things, Cyprus housing is one of the largest in the EU. An average Cypriot has two rooms per person (the EU average is 1.6).

Only Malta, Belgium and Ireland overtake Cyprus. The smallest households are located in Romania (1.1), Slovakia, Poland, Latvia, Croatia (only 1.2 rooms) and Greece (1.3 rooms per person).

The average number of people in a household in Cyprus is 2.6 (2.3 in EU, Croatia - 2.7 persons, Poland - 2.8 persons, Slovakia - 2.9 persons, Greece - 2.6).

In turn, 68.6% of the population of Cyprus are property owners, and 31.4% are tenants, compared to 69.7% and 30.3% in the EU.

In this category, Cyprus ranks seventh among the EU countries. The lowest percentage of property owners was recorded in Germany (50.4%), Austria (55.3%), Denmark (59.3%) and France (64%). The highest is in Romania (96.1%), Slovakia (92.3), Croatia and Hungary (91.3%). In Greece, the percentage of homeowners is 74.6%, and renters - 25.6%.

Cypriots prefer to live in houses 73% and only 25.6% - in apartments.

It is noteworthy that the proportion of people in Cyprus living in families with debts for mortgage, rent or utility bills is almost twice the EU average. In particular, in Cyprus it is 14.7% against 8.6% in the EU.

At the same time, the worst situation is in Greece (36.5%), Bulgaria (23.6%), Ireland (15.1%), Romania (14.8%) and Cyprus (14.7%). The lowest debt rates were recorded in the Czech Republic (3%), the Netherlands (3.2%), Luxembourg and Sweden (4.9% each).

Finally, Cyprus also ranks first in the EU in terms of the number of people living in houses with leaky roofs 39.1%.

Cyprus is also among the three EU countries with the largest percentage of the population who find it difficult to keep their homes warm (20.9%), along with Bulgaria (27.5%) and Latvia (23.1%).

As for the dynamics of housing prices, in the last 10 years in Cyprus there has been a decrease in the cost of selling housing by 4%. Unlike the vast majority of EU member states, where the opposite dynamics is observed. The cost of renting in Cyprus for the same period decreased by 5%, while in 25 EU member states - increased. Cyprus also recorded one of the lowest inflation rates – 5%. At the same time, 11.2% of disposable income is accounted for by housing costs.

Кипр — лидер среди стран ЕС по объему инвестиций в жилищный сектор

Interested in housing or commercial real estate in Cyprus? Visit DOM. The portal has the largest real estate database in the country – from residential to commercial. Choose and contact professionals who will help you make the right choice!
Source: stockwatch.com.cy
Photos: pixabay.com, DOM
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