14.01.21
The Cyprus House Price Index (HPI) fell by 4.8% in the third quarter of 2020 compared to the previous quarter, according to preliminary data in a press release published by the Island Statistical Office (CYSTAT).
HPI also reports that residential property prices in Cyprus fell by 1.3% year on year.
Earlier today, the European Union issued a press release reporting on the movement of housing prices in EU member states.
Eurostat reports that comparing house prices in the second quarter of 2020 and in the third quarter of 2020, one can observe an increase of 1.3% in the euro area and 1.4% in the EU.
The highest annual drop in house prices in Cyprus – by 1.4%, the highest quarterly drop – 4.8% was also recorded in 2020.
Over the past decade, Cyprus ranked 3rd in terms of house price falls (-7.7%) in the EU after Greece (-31.0%) and Italy (-15.5%) and the second largest fall in rents ( -4.5%) after Greece (-25.2%).
