Cyprus recorded a 31% annual increase in housing sales in 2023, the highest among EU member states with available data, according to Eurostat, the EU’s statistical office.This marks the third consecutive year of growth for Cyprus, while most other EU countries experienced a decline for the second year in a row.Specifically, in 2023, the number of housing transactions decreased in 13 out of 16 EU countries with available data, compared to 2022.
The largest annual increases in these transactions were recorded in Cyprus (+31.0%), Poland (+3.9%), and Ireland (+0.6%).The largest decreases were observed in Luxembourg (-43.3%), Austria (-26.4%), and both Hungary and Finland (each -24.5%).
In 2022, 10 out of the 16 countries with available data recorded a decrease in sales compared to 2021.The largest increase was again recorded in Cyprus (+27.4%), while the largest decrease was noted in Denmark (-24.8%).
As noted by Eurostat, the housing market in 2020 was impacted by the COVID-19 pandemic, with a general decline in transactions due to restrictive measures.Only four out of the 16 EU countries with available data recorded an increase in sales that year. Cyprus was among the countries that recorded a decrease (-23.3%).However, in 2021, housing sales increased in 14 EU countries, with Cyprus noting a rise of 17.2%.
Source: https://inbusinessnews.reporter.com.cy/