According to new data released on Tuesday 9th July by Eurostat, Cyprus recorded the largest annual increase in property sales compared to other EU Member States in 2023.
In particular, the number of sales transactions in the island nation rose by 31%. This put Cyprus at the top of the ranking. It is followed by Poland (+3.9%) and Ireland (+0.6%).
According to Eurostat, the increase in the number of transactions in Cyprus in 2023 is due to the fact that the island has become a haven for many foreigners fleeing conflicts in Europe, the Middle East and Africa.
In the other 13 European Union countries cited by Eurostat, the number of housing transactions fell last year. Luxembourg (-43.3%) led the way in terms of the number of transactions in 2023. It was followed by Austria (-26.4%), Hungary and Finland (both -24.5%).
Interestingly, 13 of the 16 EU member states recorded a fall in the number of home sales in 2023, compared to an increase in almost all countries in 2022.
Nevertheless, the statistician noted that the housing market is recovering strongly compared to the pandemic period. In 2020, there was a sharp drop in property transactions due to quarantine measures - growth was only recorded in Denmark, Finland, the Netherlands and Austria. In 2021, sales increased in 16 EU Member States, except the Netherlands and Luxembourg, with the highest growth in the same year recorded in Spain (+39.3%) and Bulgaria (39%).
As a reminder, Eurostat has previously published data on changes in house prices in different EU countries.
Thus, the cost of real estate in the EU in the first quarter of 2024 increased by 1.4% compared to the fourth quarter of 2023, and rents - by 3%.
Cyprus is the most attractive country to live in. Even if we do not take into account the mild Mediterranean climate and the cleanest sea in Europe, there remain excellent conditions for doing business, convenient residence permit programme, excellent education and security, - commented Maxim Arte, broker of the DOM office in Limassol.