HOUSE prices in Cyprus fell by 3.3% in the fourth quarter of 2014 compared to the corresponding period of 2013 according to a report published by Eurostat earlier today.
On an annual basis, house prices across the European Union rose by an average of 2.6%, and 1.1% in the Euro area. Compared with the third quarter of 2014, house prices remained stable in the European Union and fell marginally in the euro area (-0.1%) and in the fourth quarter of 2014.
Among the Member States for which data is available, the highest annual increases in house prices in the fourth quarter of 2014 were recorded in Ireland (+16.3%), Malta (+11.0%), Sweden (+10.4%), Estonia (+10.1%) and the United Kingdom (+10.0%), while the largest falls were recorded in Slovenia (-4.4%), Cyprus (-3.3%), Latvia (-3.2%) and Italy (-2.9%).
The highest quarterly increases were recorded in Malta (+4.6%), Ireland (+3.8%), Slovakia (+2.1%) and Luxembourg (+2.0%), while the largest falls were recorded in Latvia (-10.2%), Lithuania (-4.3%) and Cyprus (-3.0%).