articles | 20 June 2022

Cypriots spend the least on housing needs compared with other EU states

Based on data from the European Statistical Office (Eurostat), Cyprus recorded the lowest rate of housing cost overburden in the EU in 2020, the finance ministry said in a statement.

The EU average stood at 7.8%, but with large differences between member states.

Rates below 5% were recorded in 13 member states, with the lowest rates in Cyprus (1.9%), Lithuania (2.7%), Malta (2.8%) and Slovakia (3.2%).

Rates above 10% were recorded in three member states with the highest being 33.3%.

The housing cost overburden rate represents the proportion of the population living in households that spend 40% or more of their disposable income on housing costs.

Based on the above data, as reported, only 1.9% of the population of Cyprus spends more than 40% of their disposable income on housing needs.

The aforementioned statistics demonstrate and confirm the affordability of housing in Cyprus, Eurostat said.

Source: Cyprus Mail

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