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In 2023, 68.8% of Cypriots owned their homes, slightly below the EU average of 69.2%, according to Eurostat. Conversely, 31.2% of the population lived in rented housing, just above the EU average of 30.8%.
Historically, Cyprus boasted one of the highest homeownership rates globally, with figures nearing 78% around 20-25 years ago. This decline over the past two decades reflects significant shifts in the housing market.
Several factors have influenced this trend. Economic challenges, such as the 2013 financial crisis, impacted household incomes and access to financing, making homeownership less attainable for many. Additionally, rising property prices and high mortgage rates have further strained affordability.
The Cypriot real estate market has also seen increased foreign investment, particularly in urban centers and coastal areas, driving up property values and making it more challenging for local residents to purchase homes.
Despite these challenges, homeownership remains a cultural cornerstone in Cyprus, deeply rooted in family traditions and societal values. The recent data underscores the need for policies that address housing affordability and support sustainable homeownership, ensuring that this tradition continues for future generations.
With information from KNews, Global Property Guide, Real Estate Pericleous
