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1st December 2022
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HomeProperty SalesSignificant increase in house sales

Significant increase in house sales

There was a significant increase in the number of house sales in Cyprus in 2021 following the sharp drop in 2020 according to the European Statistical Service (Eurostat).

Eurostat reports that the House Sale Index for Cyprus rose from 129.25 in pandemic hit 2020 to 151.50 in 2021. In pre-pandemic years, the index stood at 168.41 in 2019, 170.57 in 2018, 136.71 in 2017, and 112.54 in 2016.

(The House Sale Index records the relative number of housing transactions against the base year of 2015.)

Eurostat reports that the largest increases in the number of transactions were recorded in Spain (+39.3%), Bulgaria (+39.0%), Hungary (+22.9%) and Ireland (+22.2%).

Two Member States recorded a decrease in the number of housing transactions, the Netherlands (-3.2%) and Luxembourg (-0.8%).

House transactions 2020 2021

The growth in the number of transactions in 2021 followed a drop in 2020 when COVID-19 lockdown measures were put in place, in particular in the second quarter of 2020, leading to a temporary suspension of real estate activity in some countries.

In April, Eurostat reported that house prices and rents in Cyprus have fallen by 3.4% and 4.1% respectively since 2010.

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