Insider Economy House prices in Cyprus record 3rd biggest drop in EU in period...

House prices in Cyprus record 3rd biggest drop in EU in period 2010-2018

House prices in Cyprus fell by 8% in the period of 2010 to 2018, the third largest decrease in the EU, according to figures published by Eurostat on Wednesday.

It noted that house prices, including purchases of both new and existing houses and flats, have fluctuated significantly since 2006 with annual growth rates in the EU of around 8% in 2006 and 2007, followed by a fall of 4% in 2009 as a result of the financial crisis. Prices started growing again in 2014.

Overall, between 2010 and 2018, house prices grew in total by 15% in the EU and by 11% in the euro area. Among the Member States, the highest increases during this period were observed in Estonia (+83%), Latvia (+61%), Austria (+56%), Sweden (+55%) and Luxembourg (+50%), and the largest decreases in Italy (-17%), Spain (-12%) and Cyprus (-8%).

For more information on the housing market and a large range of other economic topics have changed since the start of the millennium have a look at Eurostat’s new digital publication The European economy since the start of the millennium!

Top Stories

Nicosia: 17 fined €300 each for holding house party

Despite tough lock down measures, including a ban on house gatherings except for actual residents, Nicosia police last night broke up a house party...

UK coronavirus deaths could reach 7,000 to 20,000 – Ferguson

UK deaths from the coronavirus could rise to between about 7,000 and 20,000 under measures taken to slow the spread of the virus, Neil...

CBC instructs banks not to compound interest during loan repayment moratorium

A general implementation on loan repayments will not be considered as restructuring and the banks are not to assess a possible loss in the...

India curbs diagnostic testing kit exports as virus spreads

India is restricting the export of most diagnostic testing kits, as coronavirus cases in the South Asian nation topped 3,350 on Sunday despite a...

Limassol: Five arrested after 2.3 kilos of cocaine seized

Limassol police have arrested four men and one woman after seizing 2.3 kilos of cocaine sent from Greece with a courier service. The men are...

Taste

Village olive pie

Mix the yeast with the lukewarm water and put it aside for about 12-15 minutes to settle.  Sift the flour with the salt into...

Skordalia (Garlic paste)

Rinse the potatoes and place, unpeeled, in a saucepan. Cover with water, add salt and allow to simmer for 20-30 minutes until soft. Drain,...

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....