ECONOMY: Cyprus house prices fell 8% between 2010-18

Cyprus registered the third biggest fall in house prices in the EU from 2010 to 2018 with a decline of 8% while elsewhere property values in Europe went up an average 15%.

Overall, between 2010 and 2018, house prices grew in total by 15% in the EU and by 11 % in the euro area.

Among the Member States, the highest increases during this period were observed in Estonia (+83 %), Latvia (+61 %), Austria (+56 %), Sweden (+55 %) and Luxembourg (+50 %).

The largest decreases were witnessed in Italy (-17 %), Spain (-12 %) and Cyprus (-8 %), countries that have suffered a prolonged economic downturn.

House prices, including the purchase of both new and existing houses and flats, have fluctuated significantly since 2006 with annual growth rates in the EU of around 8% in 2006 and 2007, followed by a fall of 4% in 2009 as a result of the financial crisis.

Prices started growing again in 2014, according to data released on Wednesday by Eurostat.