Eurostat: House and rental prices increased in Cyprus in Q3 2023

House prices in Cyprus increased by 2.3% compared with the fourth quarter of 2023, but decreased compared to the third quarter of 2024, according to data published by Eurostat. 

More widely, house prices as well as rents also increased in the EU during the fourth quarter of 2024, by 4.9% and 3.2%, compared with the fourth quarter of 2023, as well as compared to the third quarter of 2024 (house prices increased by 0.8% and rents by 0.6%).

When it comes to rents in Cyprus, prices in 2024 increased by 4.6% compared to 2023, continuing an upwards trend that had begun in 2017 (+0.8%) and that continued in 2018 (+2.5%), 2019 (+3.4%), 2020 (+2.5%), 2021 (+1.9%), 2022 (+3.0%) and 2023 (+4.5%). Eurostat did not provide data on rents on a quarterly basis on the level of the member states.

Between 2010 and the fourth quarter of 2024, house prices in the EU increased by 55.4% and rents by 26.7%. While rents have increased steadily, house prices have followed a more variable pattern, showing a staggering increase between Q1 2015 and Q3 2022, followed by a small drop and stabilization, before increasing again in 2024.

As regards national data, when comparing the fourth quarter of 2024 with 2010, house prices increased more than rents in 21 of the EU countries for which data are available.

Over the same period, house prices more than tripled in Hungary (+234%) and Estonia (+228%) and have more than doubled in Lithuania (+187%), Latvia (+153%), Czechia (+142%), Portugal (+120%), Bulgaria (+115%), Austria (+112%) and Luxembourg (+105%).

In Cyprus, house prices have remained at the same level as in 2010. Italy was the only country where house prices decreased during this period (-4%).   

During the same period, rents increased in 26 EU countries, with the highest rises registered in Estonia (+212%), Lithuania (+175%) and Hungary (+114%). Greece was the only country where rent prices decreased (-13%).

(Source: CNA)