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!

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