Cyprus leads EU with highest increase in housing sales in 2022

In the wake of the epidemic, the real estate environment has seen tremendous changes, with different countries seeing different changes in house transactions. Cyprus stands out among these countries as a shining example, with the EU's highest increase in house sales in 2022.

In the constantly shifting environment of the European housing markets, 2022 witnessed a notable change in housing sales across the European Union. Interestingly, Cyprus stood out with an astonishing 27.4% increase compared to 2021, making it the member state with the highest rate of growth among the 16 EU countries. While several countries saw a decrease in house sales after a surge in the previous year.

According to Eurostat, the statistical office of the European Union, intriguing insights into the dynamics of the housing market in 2022 emerged. The data revealed significant decreases in housing transactions in Denmark (-31.6%), Finland (-16.6%), the Netherlands (-16.2%), and Luxembourg (-15.1%). In contrast, countries such as Cyprus (+27.4%), Ireland (+7.7%), and Spain (+6.0%) experienced notable increases in house sales.

The volatility within the housing market can be attributed to the impact of the COVID-19 pandemic. In 2020, as lockdown measures were implemented, most EU countries witnessed a decline in housing transactions. Only Denmark, Finland, the Netherlands, and Austria managed to defy this trend and record an increase in sales. However, 2021 marked a period of recovery and growth, with housing sales on the rise in all 16 EU countries, except for the Netherlands and Luxembourg. The market became remarkably vibrant, with 11 out of the 16 countries experiencing annual rates of change above 10%. Spain (+39.3%) and Bulgaria (+39.0%) recorded the highest increases during this period.

It is important to note that house sales statistics are provided by Member States on a voluntary basis. The data covers transactions involving new and existing dwellings, including apartments and houses, where the buyer is a household. These observations show the fluctuations and trends noticed in the European housing market, demonstrating the adaptability and dynamism of this industry.

As the housing market continues to evolve, monitoring these trends becomes crucial for understanding the broader economic landscape and informing policy decisions.