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Property prices fell in Cyprus

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Property prices fell in Cyprus

Eurostat data show a decrease of -1.4% in Cyprus in house prices in the 3rd quarter of 2020. Also in the third quarter of 2020, house prices, as measured by the Eurostat Housing Price Index, increased by 4.9% in the euro area and by 5.2% in the EU compared to the same quarter last year .

According to Eurostat, in the second quarter of 2020 house prices increased by 4.9% and 5.2% respectively. Compared to the second quarter of 2020, house prices rose by 1.3% in the euro area and 1.4% in the EU in the third quarter of 2020.

Among the Member States for which data are available (data not available for Greece), the highest annual house price increases in the third quarter of 2020 were in Luxembourg (+ 13.6%), Poland (+ 10, 9%) and Austria (+ 8.9%), while prices decreased in Cyprus (-1.4%) and Ireland (-0.8%).

Compared to the previous quarter, the highest increases were recorded in Hungary (+ 5.2%), Denmark (+ 4.2%) and Latvia (+ 3.7%), while reductions were observed in Cyprus (-4, 8%), in Romania (-2.6%), Italy (-2.5%) and Croatia (-0.6%).

In addition, according to Eurostat, between 2010 and the third quarter of 2011, house prices and rents in the EU-27 followed similar paths.

From the third quarter of 2011, however, very different paths have followed: while rents have risen steadily throughout the period until the third quarter of 2020, house prices have fluctuated significantly.

In particular, after a sharp decline between the second quarter of 2011 and the first quarter of 2013, house prices remained more or less stable between 2013 and 2014. Then, there was a rapid increase in early 2015, as when prices housing prices grew much faster than rents.

During the period 2010 to the third quarter of 2020, rents increased by 14.6% and house prices by 26.8%.

Comparing the third quarter of 2020 with 2010, house prices rose more than rents in 16 EU Member States.

Housing prices rose in 23 Member States and fell in four, with the highest increases in Estonia (+ 105.1%), Hungary (+ 92.2%), Luxembourg (+ 90.5%), Latvia (+ 83.6%) and Austria (+ 81.3%).

Decreases were observed in Greece (-31.0%), Italy (-15.5%), Cyprus (-7.7%) and Spain (-4.5%).

In terms of rents, when comparing the third quarter of 2020 with 2010, prices rose in 25 EU Member States and fell to two, with the highest increases in Estonia (+ 136.6%), Lithuania (+ 106.9%) and Ireland (+ 62.2%). Reductions are recorded in Greece (-25.2%) and Cyprus (-4.5%).

Philenews / ΚΥΠΕ

Source: www.philenews.com

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