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Only 25.6% of Cypriots live in a flat

Three out of four Cypriots prefer to live in a house rather than a flat, while more than two-thirds own their own home, according to a recent Eurostat survey.

In their annual report on EU citizens living conditions for 2020, Eurostat found that 73% of the island’s population lived in a house, while 25.6% lived in a flat.

In the EU, 53% of the population lived in a house, while 46% lived in an apartment (1% lived in other accommodation, such as houseboats, trucks).

Ireland recorded the highest share of the people living in houses with 92%, followed by Croatia (78%), Belgium (77%) and the Netherlands (75%).

The majority of people in more than two-thirds of EU countries live in houses.

The highest percentages of people living in apartments were in Spain (66%), Latvia (65%), Estonia (61%), Greece and Lithuania (both 59%).

When it came to cities, 72% of the EU population lived in an apartment and just 28% in a house, while in rural areas, 82% of the population lived in a house and 18% in an apartment.

Homeowners

More than two-thirds of people in the EU lived in their own homes.

Being the owner or tenant of your home differs significantly between the Member States.

In the EU, 70% of the population lived in their own home, while 30% lived in rented housing.

The highest homeownership rates were observed in Romania (96%), Slovakia (92%), Croatia and Hungary (both 91%).

Owning a home is the rule in all EU countries, except for Germany, where owners and tenants’ percentages are 50-50%.

Tenants in Austria and Denmark made up 45% and 41% respectively.

In Cyprus, 68.6% live in their own home, while 31.4% rent.

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Cyprus Property sales improve in all market segments

All market segments saw an improved number of property sales in September compared to the same period last year according to figures published by the Department of Lands and Surveys.

Domestic sales
Property sales to the domestic market, which accounted for 63% of all sales in September rose by 9% compared to September 2021 and by 41% compared to September 2019.

With the exception of Famagusta, where sales were down 7% compared to last year, they rose in the remaining four districts.

Sales in Limassol rose 21%, followed by Larnaca (9%), Nicosia (3%) and Paphos (1%)

On an annual basis, sales have risen in all districts. Sales in Paphos (59%), Famagusta (54%), Limassol (47%) and Larnaca (34%).

Sales to the domestic market have been encouraged by the government’s interest rate subsidy scheme, which will continue until the end of 2021. The ceiling for loans for house purchases was raised from €300,000 to €400,000 in February and the scheme provides an interest rate subsidy of 1.5% for a period of four years.

However, bear in mind that the figures include an unreported number of ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers in efforts by the banks to reduce their non-performing loan portfolios.

Foreign sales
Property sales to the overseas market, which accounted for 37% of all sales in September, rose by 30% compared to September 2021 and by 19% compared to pre-COVID September 2019.

With the exception of Paphos, where sales were down 2%, they rose in the remaining four districts.

Sales in Larnaca rose 86%, followed by Limassol (38%), Famagusta (31%) and Nicosia (29%).

On an annual basis, although sales in Paphos were down 7% and sales in Famagusta remained almost unchanged, sales in Nicosia rose 63%, followed by Larnaca (29%) and Limassol (15%).

Sales to EU citizens
Sales to the EU segment of the overseas market, which accounted for 17% of all sales in September, rose by 30% compared to September 2021 and by 45% compared to pre-COVID September 2019.

Sales rose in all districts. In percentage terms, Famagusta led the way with sales up 267%, followed by Larnaca (86%), Nicosia (36%), Limassol (8%) and Paphos (2%).

On an annual basis, the number of properties sold to EU citizens has risen in all districts. Larnaca (81%), Nicosia (73%), Limassol (43%). Famagusta (31%) and Paphos (30%).

Sales to non-EU citizens
Sales to the non-EU segment of the overseas market, which accounted for 20% of all sales in September, rose by 30% compared to September 2021 and by 3% compared to pre-COVID September 2019.

Although sales in Famagusta and Paphos fell by 30% and 8%, they rose 86% in Larnaca, 66% in Limassol and 14% in Nicosia.

On an annual basis, sales in Paphos and Larnaca are down 37% and 22% respectively. However, sales in Nicosia have risen 49% and sales in Larnaca and Limassol have risen 10% and 2% respectively.