13.07.2023
According to information published by Eurostat – the EU statistical office – the number of residential transactions in Cyprus increased by 27.4% in 2023 compared to 2022, the largest increase recorded in the 16 EU countries for which data is available.
In 2023, the number of housing transactions decreased compared to 2022 in most of the 16 EU countries for which data are available. This decline comes after an increase in almost all countries in 2022 compared to 2021.
The largest decline in transactions in 2023 was recorded in Denmark (-31.6%), Finland (-16.6%), the Netherlands (-16.2%) and Luxembourg (-15.1%), while the largest increase was recorded in Cyprus (+27.4%), Ireland (+7.7%) and Spain (+6.0%).
Ever since COVID-19 began, the housing market has been volatile. In 2020, there was an overall decline in housing transactions due to quarantine measures, with only four (Denmark, Finland, the Netherlands and Austria) EU countries registering an increase in sales.
This was followed by a period of growth in 2021, with sales rising in 16 EU countries, with the exception of the Netherlands and Luxembourg.
The market was so active in 2022 that 11 out of 16 countries for which data are available recorded annual growth rates above 10%, with the highest growth recorded in Spain (+39.3%) and Bulgaria (+39.0%).
