Cyprus dominates in the EU in terms of growth in the housing market in 2023

According to Eurostat, the EU statistical agency, Cyprus has risen to the top of the European Union's housing market growth rankings in 2023, with a staggering 31% increase in home transactions.

According to Eurostat's statistics, there has been a notable decline in the number of home transactions in 13 out of the 16 countries where data is available, in contrast to the previous year, 2022. The majority of EU nations have seen a reduction in property sales for the second year in a row.

The most significant decreases in housing transactions in 2023 were seen in Luxembourg (-43.3%), Austria (-26.4%), and both Hungary and Finland (-24.5%). On the flip side, Cyprus led with a substantial 31% increase, followed by Poland with a 3.9% rise, and Ireland with a modest 0.6% increase.

In 2022, a similar trend was noted, with 10 out of the 16 reporting countries experiencing a decline in housing sales. Denmark had the steepest drop at -24.8%, whereas Cyprus once again stood out with a 27.4% increase in transactions.

Since the Covid-19 pandemic began in 2020 and broad quarantine restrictions resulted in a general decline in property purchases, the housing market has been significantly impacted. Out of the sixteen EU nations, only four reported higher sales that year. In 2021, though, the market began to show signs of life, as home sales increased in 14 EU nations.