09.07.2024
According to data published by the Statistical Office of the European Union ( Eurostat ), Cyprus recorded the largest increase in residential property sales transactions among EU countries in 2023.
Eurostat reported that in 2023 the number of residential property sales transactions fell in 13 of the 16 EU countries for which data is available, compared with 2022. This is the second year in a row that most EU countries have seen a decline in residential property sales, while in Cyprus the number of transactions has increased for the third year in a row.
The largest decrease in the number of transactions in 2023 was observed in Luxembourg (-43.3%), Austria (-26.4%), as well as in Hungary and Finland (-24.5% each). On the contrary, growth was recorded in Cyprus (+31.0%), Poland (+3.9%) and Ireland (+0.6%). Moreover, in 2022, 10 of the 16 countries that provided data reported a decline in the number of residential property sales.
The largest decline in sales was recorded in Denmark (-24.8%), while the number of residential property sales in Cyprus increased (+27.4%).
It should be noted that the residential real estate market was significantly impacted by the outbreak of the COVID-19 pandemic in 2020, which led to a general decrease in the volume of residential real estate purchase and sale transactions due to quarantine measures. During this year, only four of the 16 EU countries for which data are available recorded sales growth this year. Cyprus was one of the countries that recorded a drop in transactions in 2020 (23.3%).
In 2021, in turn, home sales increased in 14 EU countries. That year, Cyprus recorded a 17.2% increase in transactions.
