House prices drop 5.7%

House prices in Cyprus fell 5.7% year-on-year in the first quarter of 2014, the third largest drop in the European Union, the EU’s statistical service, Eurostat, said recently.

Compared with the previous quarter, prices in Cyprus dropped 0.9%. House prices in the eurozone dropped 0.3% in Q1 and rose 1.0% in the EU, according to Eurostat’s House Price Index.

Among the EU Member States for which data are available, the largest annual falls in house prices in the first quarter of 2014 were recorded in Croatia (-9.7%), Slovenia (-6.6%) and Cyprus (-5.7%), and the highest increases in Estonia (+17.5%), Latvia (+10.4%) and the United Kingdom (+8.0%).

The largest quarterly falls were recorded in Croatia (-2.7%), Luxembourg (2.3%), and Slovenia (-1.7%), and the highest increases in Estonia (+4.8%), Sweden (+2.4%) and the United Kingdom (+2.2%).

Source: Cyprus Mail

Cyprus Profile

articles | 11 July 2014