Lending rates in Cypriot banks are among the highest in the European Union. Nevertheless, Cypriots continue to actively take out mortgage loans.
According to the Central Bank, from January to August, local financial institutions issued 7,212 loans for housing with a total value of 1.94 billion euros against 7,313 in the amount of 1.98 billion euros in the same period in 2023.
These data show that the number of mortgaged properties decreased by 1.38% and their value by 2.16%. Interestingly, Cypriot residents took out the most mortgages in June and the least in January:
- In January, 768 real estate loans were issued for a total of 146,547,089 euros.
- In February, 860 real estate loans were issued for a total of 229,724,144 euros.
- In March they issued 910 real estate loans for a total of 406,483,726 Euros.
- In April they issued 922 real estate loans for a total of 229,622,355 Euros.
- In May they granted 885 real estate loans for a total of 221,071,538 Euros.
- In June, 1,107 real estate loans were granted for a total amount of €313,260,279.
- In July, 959 real estate loans were granted for a total amount of 211,445,209 Euros.
- In August, 801 mortgage loans were granted for a total amount of 180,514,148 Euros.
In turn, the largest number of properties mortgaged in the first eight months of 2024 was in Nicosia, and the smallest - in the free neighborhoods of Famagusta:
- In Nicosia, 2,775 properties were mortgaged for €544,370,045.
- In Limassol, 1,935 properties were mortgaged for an amount of 615,197,139 euros.
- In Larnaca, 1,148 properties were mortgaged for an amount of 252,295,113 Euros.
- In Paphos, 910 properties were issued on credit for an amount of 334,845,812 Euros.
- In Famagusta, 444 properties have been issued on credit for an amount of 183,514,148 Euros.