The residents of Cyprus prefer to live in houses

Жители Кипра чаще предпочитают жить в домах
10 December 2020 Liza Medvetskaya
2402

In the EU in 2019, 70% of the population lived in private housing. The remaining 30% lived in rented accommodation, according to detailed data on housing in the EU, presented today by Eurostat, the EU statistical office.

The highest shares of homeownership were observed in Romania (96%), Hungary (92%), and Slovakia (91%).

In Germany, however, rent is almost equal to 49% of the home-owning population. They are followed by Austria (45%) and Denmark (39%).

In Cyprus, the percentage of residents who own their homes is 67.9% compared to 32.1% who rent it, and in Greece, 75.4% versus 24.6%.

In the EU in 2019, 53% of the population lived in a house, while 46% lived in apartments (1% lived in other accommodations, such as houseboats, trucks, etc.).

Ireland (92%) recorded the highest share of the home-living population, followed by Croatia and Belgium (both 78%) and the Netherlands (75%). In Cyprus, 72.1% live in houses and 24.6% in apartments.

Homes are more common in two-thirds of Member States. The highest rates of apartments were observed in Latvia (66%), Spain (65%), Estonia (61%), and Greece (59% vs. 40.7% in homes).

In cities, 72% of the EU population lived in apartments and 28% in houses. For towns and suburbs, the proportions were 58% and 42%. Respectively, while for rural areas, 82% of the population lived in a house and only 18% in apartments.

Жители Кипра чаще предпочитают жить в домах

Examining the house price trend between 2010 and 2019, there has been a steady upward trend since 2013 with substantial increases between 2015 and 2019. Overall there was an increase of 19% between 2010 and 2019. There were increases to 23 members and decreases to three data for Greece are not available) during this period. The largest increases were observed in Estonia (+ 96%), Hungary (+ 82%), Latvia (+ 75%), Luxembourg and Austria (both + 65%), while the reductions were observed in Italy (- 17%), Spain (-7%) and Cyprus (-4%).

At the same time, there was a steady increase in rents in the EU between 2010 and 2019 - a total of 13% throughout the period. There was an increase in 25 Member States and a decrease in two. The largest increases were recorded in Estonia (+ 156%), Lithuania (+ 101%), and Ireland (+ 63%), while decreases were observed in Greece (-25%) and Cyprus (-7%).

Inflation between 2010 and 2019 developed similarly to rents with an overall increase of 13%. There was inflation in all Member States during this period, with prices above 20% in Estonia (+ 26%), Romania (+ 23%), and Hungary (+ 22%). The lowest inflation was observed in Greece (+ 3%), Ireland, and Cyprus (both + 6%).

Housing costs differ significantly between the Member States compared to the EU average. The highest housing costs in 2019 compared to the EU average were found in Ireland (77% above the EU average), Luxembourg (70% more), Denmark (63% more), and Finland (42%) above). The lowest, on the other hand, were observed in Bulgaria (64% below the EU average), Poland (60%), and Romania (57%).

Looking at the development between 2010 and 2019, house price levels compared to the EU average have risen to 17 in the Member States and fallen to 10. The largest increases were observed in Ireland (17% to 77% above average Slovakia (by 44% to 23% of the average) and the Netherlands (by 22% to 37% of the average), and the largest reductions in Greece (by 8% to 35% below from the EU average) and Cyprus (by 8% to 25% of the average).

The cost of building new homes in the EU has also increased from 2010 to 2019, especially from 2016. The increase over the entire period was 15%.

Among the Member States, the largest increases were observed in Hungary (+ 47%), Romania (+ 46%), Latvia, and Lithuania (from + 36%).

Greece was the only Member State to record a decrease (-7%).

In the EU in 2019, 5.3% of GDP was invested in housing. This share differed between Member States, ranging from 7.9% in Cyprus, 7.2% in Finland, 6.6% in Germany and 6.4% in France, and at the other end of the scale at 0.7 % in Greece, 2.0% in Poland, 2.2% in Slovenia and 2.3% in Ireland.

One way to measure the construction sector's size is through gross value added as a percentage of GDP. This percentage ranged between 5 and 6% of GDP in the EU from 2010 to 2019. The share was higher at 5.8% in 2010, decreased to 5.1% from 2014 to 2017, and then increased to 5.5 % in 2019.

The percentage decreased to 16 Member States between 2010 and 2019, with the most considerable reductions in Greece, Bulgaria, and Spain.

Among the Member States with a growing share of the construction sector during this period, Denmark, Latvia, Lithuania, and Hungary showed the highest growth.

In 2019, the Member States with the highest rates - over 7% of GDP - were Slovakia (7.6% of GDP), Finland (7.5%), Lithuania (7.3%), Poland (7.2%), and Romania (7.1%).

Source: cyprus-mail.com, stockwatch
Photos: DOM LiVE
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