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20 July, 2024
 
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Cyprus leads EU in home sales by 31%

Eurostat reports significant growth amidst declines across most of Europe

Newsroom

Home sales in Cyprus surged by 31% in 2023 compared to the previous year, the highest increase among European Union countries, according to data released by Eurostat, the EU's statistical service.

This notable growth marks the third consecutive year of rising home sales in Cyprus, contrasting sharply with trends in most other EU countries, where transactions have generally been declining for the past two years.

In 2023, the number of housing transactions fell in 13 out of the 16 EU countries for which data is available. Cyprus led with a remarkable 31% increase, followed by Poland at 3.9% and Ireland at 0.6%. Conversely, the largest decreases were seen in Luxembourg (43.3%), Austria (26.4%), and both Hungary and Finland (24.5% each).

The previous year, 2022, saw a decrease in housing transactions in 10 out of the 16 reporting countries. However, Cyprus again bucked the trend with a significant increase of 27.4%, while Denmark experienced the steepest decline at 24.8%.

Eurostat highlights that the housing market was significantly impacted by the COVID-19 pandemic in 2020, leading to a general downturn in sales due to lockdown measures. That year, only four of the 16 EU countries with available data saw an increase in home sales, and Cyprus experienced a drop of 23.3%.

In 2021, the market rebounded in many places, with 14 EU countries recording an increase in transactions. Cyprus saw a 17.2% rise in home sales that year.

The consistent growth in Cyprus’s home sales underscores the resilience and attractiveness of its real estate market, setting it apart from broader European trends.

[With information from CNA]

TAGS
Cyprus  |  economy

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