In 2023, Cyprus recorded a 31% annual increase in home sales, the highest among EU member states for which data is available, according to Eurostat, the EU's statistical service.

This marks the third consecutive year of growth in Cyprus, while most other EU countries saw a decline for the second straight year.

Specifically, in 2023, the number of housing transactions decreased in 13 out of 16 EU countries with available data compared to 2022.

The largest annual increases in these transactions were seen in Cyprus (+31.0%), Poland (+3.9%), and Ireland (+0.6%).

The most significant decreases were recorded in Luxembourg (-43.3%), Austria (-26.4%), and both Hungary and Finland (-24.5%).

In 2022, 10 out of the 16 countries with available data saw a decrease in the number of sales compared to 2021.

Once again, Cyprus had the largest increase (+27.4%), while Denmark experienced the most significant decline (-24.8%).

According to Eurostat, the housing market in 2020 was impacted by the COVID-19 pandemic, with a general drop in transactions due to restrictive measures.

Only four of the 16 EU countries with available data recorded an increase in sales that year. Cyprus was among the countries that experienced a decline (-23.3%).

However, in 2021, home sales increased in 14 EU countries, with Cyprus showing a 17.2% rise.