Cyprus quarterly house prices drop

In the second quarter of 2023, house prices in the EU increased by 0.3% compared with the first quarter, while rents increased by 0.7%, but Cyprus house prices decreased by 0.4%, according to Eurostat.

Compared with the second quarter of 2022, house prices in the EU decreased by 1.1%, while rents increased by 3.0%.

During the same period, house prices in Cyprus increased by 3.2%.

The available data did not include comparative quarterly data for member states.

House prices and rents in the EU followed a comparable increasing path between 2010 and the second quarter of 2011.

After this quarter, house prices and rents evolved differently.

While rents increased steadily throughout this period up to Q2 2023, house prices fluctuated considerably.

After a sharp decline between Q2 2011 and Q1 2013, house prices remained more or less stable between 2013 and 2014.

A rapid rise followed in early 2015, and house prices increased faster than rents until Q2 2022.

In Q3 2022, house prices increased at the same pace as rents (both +0.7% compared with the second quarter of 2022).

Since Q4 2022, house prices fell for two quarters in a row before experiencing a small rise in Q2 2023.

On a member-state level, house prices more than doubled in Estonia, Hungary, Lithuania, Latvia, Czechia, Luxembourg and Austria compared to 2010.

Between 2010 and Q2 2023, house prices increased by 46% and rents by 21%.

When comparing Q2 2023 with 2010, house prices increased more than rents in 20 of the 27 EU countries.

Over this period, house prices more than doubled in Estonia (+211%), Hungary (+180%), Lithuania (+152%), Latvia (+144%), Czechia (+122%), Luxembourg and Austria (both +120%).

Decreases were observed in Greece (14%), Italy (-8%) and Cyprus (-3%).

For rents, prices increased in 26 EU countries, with the highest rises in Estonia (+208%) and Lithuania (+168%).

The only decrease in rent prices was recorded in Greece (-21%).