Cyprus sees 31% jump in house sales

Cyprus sees 31% jump in house sales

Home sales in Cyprus surged 31% in 2023 from 2022, the highest increase among European Union countries, according to data released by Eurostat, the EU’s statistical service.

This notable growth marks the third consecutive year that home sales in Cyprus have risen, contrasting sharply with trends in most other EU countries, where transactions have generally been declining for the past two years.

In 2023, the number of housing transactions fell in 13 out of the 16 EU countries for which data is available. Cyprus led with a remarkable 31% increase, followed by Poland at 3.9% and Ireland at 0.6%. The previous year, 2022, saw a decrease in housing transactions in 10 out of the 16 reporting countries. However, Cyprus again bucked the trend with a significant increase of 27.4%, while Denmark experienced the steepest decline at 24.8%. 

Eurostat highlights that the housing market was significantly impacted by the pandemic in 2020, leading to a general downturn in sales due to lockdown measures. That year, only four of the 16 EU countries with available data saw an increase in home sales, and Cyprus experienced a drop of 23.3%. 

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