CNA 07/10/2024

CNA - House transactions up in Cyprus in 2023, down in other EU member states

Housing transactions in Cyprus increased by 31% in 2023 compared to 2022, having recorded the highest increase among EU countries for which data is available, according to Eurostat, the statistical service of the EU.

This marks the third consecutive annual increase for housing transactions in Cyprus, while transactions have dropped in the majority of reporting countries of the EU for the second consecutive year.

More specifically, in 2023 the number of housing transactions decreased in 13 out of the 16 EU countries for which data is available, compared with 2022.

The largest annual increases in these transactions were registered in Cyprus (31.0%), Poland (3.9%) and Ireland (0.6%).

The largest decreases were recorded in Luxembourg (43.3%), Austria (26.4%), Hungary and Finland (each 24.5%).

The year before, in 2022, 10 out of 16 reporting countries registered decreases in the number of sales.

The number of sales increased the most in Cyprus (27.4%) while the largest decrease was registered in Denmark (24.8%).

Eurostat points out that during 2020 the housing market was influenced by the outbreak of the COVID-19 pandemic, bringing about a general drop in housing transactions due to lockdown measures.

During that year, only four of the 16 EU countries for which data are available registered increases in sales. Cyprus was one of the countries where a drop in transactions was registered in 2020 (23.3%)

In 2021, in turn, house sales went up in 14 EU countries. That year, Cyprus recorded an increase in transactions by 17.2%.