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Wednesday, May 22, 2024

House prices in Cyprus up year-on-year, down in the euro area

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House prices in Cyprus up year-on-year, down in the euro area

Nicosia

    In the last quarter of 2023, property prices in Cyprus experienced a minor setback every quarter, yet sustained annual growth.

    According to the preliminary estimates released by the Cyprus Statistical Service (CyStat), the House Price Index (HPI) stood at 109.95 points for the fourth quarter, marking a slight decrease of 0.6% from the previous quarter but an increase of 1.6% from the same period in 2022.

    The HPI captures the movement in average residential unit prices.

    This subtle quarterly dip contrasts with the overall annual uptrend.

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    The Eurozone, however, painted a different picture for the same period, with housing prices witnessing a 1.1% year-on-year decline, in stark contrast to a marginal 0.2% increase across the broader European Union, as per Eurostat data.

    While eight countries reported a year-on-year decline in their respective HPIs for the last quarter of 2023, eighteen others saw annual increases.

    Luxembourg (-14.4%), Germany (-7.1%), and Finland (-4.4%) led the pack in terms of decreases, whereas Poland (+13.0%), Bulgaria (+10.1%) , and Croatia (+9.5%) emerged as the top gainers, showcasing the varied economic conditions across the continent.

    Quarter-on-quarter analysis showed a broader trend of price adjustments, with eleven member states experiencing declines , Italy’s prices holding steady, and fourteen witnessing increases. Notably, France (-2.7%), Latvia (-2.5%), and both Denmark and Sweden (-2.3%) saw the most significant quarter-on-quarter drops.

    (Picture by George Christophorou)

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