05.04.2023
In the fourth quarter of 2022, house prices in Cyprus rose by 4.4% compared to the same quarter last year, but decreased by 4.0% compared to the third quarter, according to data published by the European Union’s statistical service Eurostat .
Eurostat does not include specific information on trends in rental prices over the same period at the national level.
At the EU level, in the fourth quarter of 2022, compared to the same period in 2021, rents increased by 2.5% and house prices by 3.6%.
Compared to the third quarter of 2022, house prices showed a decline for the first time since the beginning of the upward trend in 2015 (-1.5% in the fourth quarter of 2022 compared to the third quarter of 2022). At the same time, rents continued to grow (+0.6% compared to the third quarter of 2022).
House prices and rents in the EU grew in a similar manner between 2010 and the second quarter of 2011. However, house prices and rents changed differently after this quarter. While rents rose steadily throughout this period up until the fourth quarter of 2022, home prices fluctuated significantly.
After a sharp decline between the second quarter of 2011 and the first quarter of 2013, house prices remained more or less stable between 2013 and 2014. After rising rapidly in early 2015, house prices rose faster than rents until the second quarter of 2022.
In the third quarter of 2022, house prices grew at the same rate as rents (both +0.7% compared to the second quarter of 2022).
From 2010 to the fourth quarter of 2022, rents increased by 19% and home prices by 47%.
House prices in some EU countries have more than doubled since 2010, but a slight decline is found in Cyprus.
When comparing the fourth quarter of 2022 with 2010, house prices rose more than rents in 18 EU countries. Cyprus is one of the few new member states where house prices have declined and rental prices have risen slightly.
In particular, between 2010 and 2022, house prices rose in 24 EU countries and fell in three. They more than doubled in Estonia (+199%), Hungary (+174%), Lithuania (+142%), Luxembourg (+136%), Latvia (+133%), Austria (+126%) and the Czech Republic (+ 126%). Declines were observed in Greece (-14%), Italy (-9%) and Cyprus (-4%).
Rental prices rose in 26 EU countries and fell in one, with the highest increases in Estonia (+216%) and Lithuania (+160%). The only decrease was recorded in Greece (-23%).
