articles | 11 April 2014

Eurostat data compares Cyprus and EU property prices

Cyprus property prices recorded the second largest annual fall among the EU28 in 2013, with newly acceded Croatia coming top, according to the latest Eurostat data.

Property prices in Cyprus dropped 9.4% in the last quarter of 2013 compared to the same period in 2012, suggesting a rapid decline towards the end of the year as prices had also dropped 8% in the third quarter.

According to the House Price Index of the Central Bank, which is based on a different methodology, prices fell by 8.7% in the final quarter.

In the EU, the largest decrease was recorded in Croatia, where prices plunged 14.4% compared to the previous year, followed by Cyprus (9.4%), Spain (6.3%), Italy (4.8%) and Holland (4.5%).

In the eurozone property prices dropped an average of 1.4% compared to the last quarter in 2012 and 0.1% in the European Union.
In the third quarter of 2013, prices had dropped 1.3% in the eurozone and 0.4% in the EU.

The largest increases were noted in Estonia (15.6%), Latvia (7.9%) and Sweden (7%). Compared to the third quarter in 2013, property prices fell by 0.7% in the eurozone and 0.3% in the EU.

The largest quarterly falls were recorded in Hungary (1.8%), Spain (1.3¬ %), Denmark and Italy (both 1.2%), while the highest increases occurred in Latvia (2.7%), Estonia and Lithuania (both 2.6%) and Ireland (2.5%). Cyprus marked a 1.1% drop compared to 0.4% dip in the third quarter.

Source: InCyprus

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