Greece, Cyprus record lowest rents and house prices


Greece and Cyprus have recorded the lowest rents and houses prices within the EU according to data published yesterday by Eurostat.

When comparing the first quarter of 2021 with 2010, house prices in Greece saw a decline of -28.1%, Cyprus -8.9% with rents also recording decreases of -25.2% and -3.8% respectively.

These indicators are in contrast to the rest of the EU where house prices saw an increase in 17 Member States with the highest rises in Estonia (+126.8%) and Luxembourg (+108.2%).  Overall, decreases were observed in Greece (-28.1%,), Italy (-14.4%), Cyprus (-8.9%) and Spain (-4.8%).

For rents, prices increased in 25 EU Member States and decreased in two, with the highest rises in Estonia (+140.4%), Lithuania (+108.6%) and Ireland (+63.3%).

After a sharp decline between the second quarter of 2011 and the first quarter of 2013, house prices remained more or less stable between 2013 and 2014. Then, there was a rapid rise in early 2015, since when house prices have increased at a much faster pace than rents.

Over the period 2010 until the first quarter of 2021, rents increased by 15.3% and house prices by 30.9%.


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