In 2023, Housing Sales in Cyprus Grew by 31%, Ranking First in the European Union

Eurostat has released data on housing sales for 2023 (compared to 2022) in 16 European Union countries. In three of these countries, the number of transactions for purchasing houses and apartments increased, while in 13, it declined. Cyprus, with a growth rate of +31%, ranked first in the EU. It is followed by Poland (+3.9%) and Ireland (+0.6%).

The most significant decline in housing sales was recorded in Luxembourg (-43.3%), Austria (-26.4%), and Hungary and Finland (both -24.5%). The increase in housing sales in Cyprus has been observed for the third consecutive year. In 2022, the growth was +27.4%. The most significant decline two years ago was observed in Denmark (-24.8%).

In 2020, the housing market was affected by the pandemic, leading to an overall drop in transactions due to quarantine measures. Only four out of the 16 EU countries for which data are available registered growth in sales. Cyprus was one of the countries where a decline in the number of transactions was recorded in 2020 (-23.3%).

In 2021, housing sales increased in 14 EU countries. That same year, Cyprus recorded a 17.2% increase in sales transactions.