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Cyprus Leads the Way in Housing Conditions Among European Countries

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According to the Housing in Europe report published by Eurostat, Cyprus has invested the highest percentage of its GDP in the housing sector compared to other EU member states.

In 2020, according to the report, 5.4% of the total EU GDP was invested in housing.

Cyprus led the investment list with 7.6%, followed by Finland with 7.1% and Germany with 7%.

At the other end of the scale, investment in Greece was 1.1%, Poland 2.0%, Ireland 2.1% and Slovenia 2.3%.

Cyprus houses are larger than the EU average

Cyprus ranks fourth for house size, with 2 rooms per person (with an EU average of 1.6 rooms). Malta was first with 2.3 rooms, followed by Belgium and Ireland with 2.1 rooms each.

The countries with the fewest rooms were Romania (1.1 rooms), Croatia, Latvia, Poland and Slovakia (all with an average of 1.2 rooms per person).

Housing costs are between 65 % below and 84 % above the EU average

The cost of housing compared to the EU average differs significantly between member states. The highest housing costs in 2020 compared to the EU average were found in Ireland (84% above the EU average), Denmark (66% above) and Luxembourg (64% above). the lowest, on the contrary, they were recorded in Bulgaria (65% below the EU average) and Poland (61% under). Looking at the development between 2010 and 2020, house price levels in comparison to the EU the average has increased in 16 Member States, remained stable in three and decreased in eight. The largest increases were recorded in Ireland (from 17% to 84% above the EU average). and Slovakia (from 44% below EU average to EU average) and the largest decreases in Greece (from 8% to 32% below the EU average) and Cyprus (from 8% to 26% under).

Reference

EUROSTAT. (2020, October). Key Figures on Europe STATISTICS ILLUSTRATED 2020 edition. https://doi.org/10.2785/154859