Cyprus is among the few countries in the EU where house prices fell between 2010 and 2018, a new Eurostat report published on Wednesday said.
The largest decreases among member states were observed in Italy (-17 per cent), Spain (-12 per cent) and Cyprus (-8 per cent).
Overall, between 2010 and 2018, house prices increased by 15 per cent in the EU. Among the member states, the highest increases during this period were observed in Estonia (+83 per cent), Latvia (+61 per cent), Austria (+56 per cent), Sweden (+55 per cent) and Luxembourg (+50 per cent).
House prices, including purchases of both new and existing houses and flats, have fluctuated significantly since 2006 with annual growth rates in the EU of around 8 per cent in 2006 and 2007, followed by a fall of 4 per cent in 2009 as a result of the financial crisis. Prices started going up again in 2014.