Cyprus Residential Property Prices Have Dropped 3.4% Since 2010

С 2010 года цены на жилую недвижимость Кипра упали на 3,4%
9 April 2021 DOM LiVE
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The statistical office of the European Union (Eurostat) published on April 8 data on housing prices. Cyprus entered the top three EU countries with the most significant decline in prices for houses and apartments since 2010.

During this period, property prices and rents in Cyprus fell by 3.4% and 4.1%, according to Eurostat.

Between 2010 and the second quarter of 2011, sale and rent prices in the EU followed a similar trajectory. From the second quarter of 2011, these indicators began to vary significantly. While rents rose steadily throughout the period up to the fourth quarter of 2020, house prices fluctuated significantly.

After a sharp decline between the second quarter of 2011 and the first quarter of 2013, prices remained more or less stable between 2013 and 2014. Then, in early 2015, there was rapid growth. At the same time, housing prices rose at a much faster rate than rents.

From 2010 to the fourth quarter of 2020, rents in the EU increased by 14.9% and house prices by 28.6%. When comparing the fourth quarter of 2020 to 2010, prices have risen more than rents in the 18 EU countries.

Housing prices rose in 23 European countries and fell in four.

The largest jump was recorded in Estonia (+ 112.8%), Luxembourg (+ 99.8%), Hungary (+ 90.6%), Latvia (+ 85.6%) and Austria (+ 81.4%). The fall in prices occurred in Greece (-28.1%), Italy (-15.2%), Spain (-5.2%) and Cyprus (-3.4%).

As for the rent, when comparing the fourth quarter of 2020 with 2010, prices increased in 25 EU countries, and decreased only in two. The largest growth occurred in Estonia (+ 143.5%), Lithuania (+ 109.2%) and Ireland (+ 61.8%), while the decline was in Greece (-25.2%) and Cyprus (-4, one%).Cyprus Residential Property Prices Have Dropped 3.4% since 2010

С 2010 года цены на жилую недвижимость Кипра упали на 3,4%

As for the fourth quarter of 2020, in comparison with the same period in 2019, housing prices increased by 5.4% in the Eurozone, by 5.7% in the EU and by 2.4% in Cyprus.

It is worth noting that for the Eurozone, this is the highest annual growth since the fourth quarter of 2006. In the third quarter of 2020, prices here increased by 4.9% and 5.3%.

Compared to the third quarter of 2020, in the fourth quarter of 2020, house prices in the Eurozone increased by 1.4%, in the EU by 1.3%, and in Cyprus by 4.7%.

Among the EU Member States for which data are available, the highest annual growth in house prices in the fourth quarter of 2020 was recorded in Luxembourg (+ 16.7%), Denmark (+ 9.8%) and Lithuania (+ 9.4 %). But compared to the previous quarter, the largest growth occurred in Cyprus and Luxembourg (+ 4.7%), Lithuania (+ 3.9%) and Estonia (+ 3.8%). The fall in prices was observed only in Spain (-0.8%) and Hungary (-0.7%).

Source: stockwatch.com.cy, cyprus-mail.com
Photos: pixabay.com, cyprus-mail
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