House sales in Cyprus increase by 27.4% in 2022

16:02 - 13 July 2023

Economy Reporter

The number of housing transactions in Cyprus increased by 27.4% in 2022 compared to 2021, this being the largest increase recorded in 16 EU countries for which data is available, according to information released by Eurostat, the statistical service of the EU.

In 2022, the number of housing transactions, when compared with 2021, decreased in the majority of the 16 EU countries for which data are available. This decrease comes after an increase in nearly all countries in 2021 compared with 2020.

The largest decreases in the number of transactions in 2022 were recorded in Denmark (-31.6%), Finland (-16.6%), the Netherlands (-16.2%) and Luxembourg (-15.1%), while the highest increases were registered in Cyprus (+27.4%), Ireland (+7.7%) and Spain (+6.0%).

Since COVID-19 started, the housing market has been volatile. In 2020, there was a general drop in housing transactions due to lockdown measures, with only four (Denmark, Finland, the Netherlands and Austria) of the EU countries covered registering an increase in sales.

This was followed by a period of growth in 2021, with sales going up in the 16 EU countries covered, except for the Netherlands and Luxembourg.

The market was so hot in 2021 that 11 out of 16 countries with available data registered annual rates of change above 10%, with the highest increases recorded in Spain (+39.3%) and Bulgaria (+39.0%).

(Source: CNA)

House sales in Cyprus increase by 27.4% in 2022

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