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The amount of new housing loans in Cyprus has reached a record level

The amount of new housing loans in Cyprus has reached a record level


Net new home loans rose to 114 million euros in June. This is a new monthly record since December 2014, when the Central Bank of Cyprus (CBC) started recording data.

The increase was driven by a government scheme to subsidize interest rates. The measure was aimed at supporting the economy affected by the Covid-19 pandemic.

On Monday, the CBC released data showing that total new loans continued to rise in June 2021, supported by both net new loans and restructurings. The total amount of new loans was increased to 674.5 million euros in June. For comparison, in May their volume amounted to 415.3 million euros. Of this amount for June, net new loans amounted to 291.7 million euros, while 383.9 million euros accounted for the share of restructured loans.

Most of the net new loans were issued for the purchase of housing. The amount of loans in this area increased to 113.7 million euros. There was also an increase in loans to non-financial corporations in the amount of more than 1 million euros. Their total amount rose to 100.3 million euros.

New loans up to €1 million totaled €50.5 million in June, while new consumer and other loans amounted to €13.4 million and €12.8 million, respectively.

The vast majority of restructured loans are loans to non-financial corporations in excess of EUR 1 million, which stood at EUR 273.4 million in June. They are followed by restructured housing loans of €58.2 million and restructured loans to non-financial corporations of up to €1 million with €50.5 million.

The restructuring of consumer loans in June amounted to 6.4 million euros, while the restructuring of other loans amounted to 4.1 million euros.

A total of €1.39 billion in net new loans was disbursed between January and June, according to CBC data, up 4.2% from the corresponding period in 2020.

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