In September, home loan interest rates in Cyprus remained relatively high, as reported by the Central Bank of Cyprus. Despite a general decrease in the European Central Bank’s rates, the average lending rate for all Monetary and Financial Institutions (MFIs) in Cyprus increased from 4.33% in August to 4.49% in September.

Some banks, such as Bank of Cyprus and Eurobank, recorded interest rate hikes, while others, including Astrobank and Hellenic Bank, showed slight reductions.

In September 2024, Cypriot banks offered variable interest rates for home loans as follows, from highest to lowest:

• Cyprus Development Bank Public Company Ltd – 5.22% (up from 4.96% in August)

• Bank of Cyprus Public Company Ltd – 5.11% (up from 4.36%)

• Eurobank Cyprus Ltd – 4.99% (up from 4.65%)

• Astrobank Public Co Ltd – 4.28% (down from 4.60%)

• Hellenic Bank Public Company Ltd – 4.12% (down from 4.45%)

• Ancoria Bank Ltd – 4.28% (slightly down from 4.32%)

• Housing Finance Corporation – 3.26% (up from 3.02%)

• National Bank of Greece (Cyprus) Ltd – 2.84% (no August data)

• Alpha Bank Cyprus Ltd – 2.90% (down from 4.19%)

The average loan interest rate for companies borrowing up to €1 million rose to 5.61% in September, up from 5.56% in August.

• Banque SBA offered 7.96% (down from 8.05%)

• Alpha Bank Cyprus Ltd – 6.35% (up from 6.21%)

• Societe Generale Bank Cyprus – 6.11% (down from 6.84%)

• Eurobank Cyprus Ltd – 6.07% (up from 5.79%)

• Bank of Cyprus Public Company Ltd – 5.79% (up slightly from 5.75%)

• National Bank of Greece (Cyprus) Ltd – 5.30% (down from 5.60%)

• Ancoria Bank Ltd – 5.02% (down from 6.35%)

• Hellenic Bank Public Company Ltd – 4.92% (slightly up from 4.91%)

The average deposit interest rate for households residing in the Eurozone rose to 1.98% in September, up from 1.79% in August.

Eurobank Cyprus Ltd offered the highest deposit rate in September at 2.83%, followed by:

• National Bank of Greece (Cyprus) Ltd – 2.46%

• Housing Finance Corporation – 2.13%

• Jordan Ahli Bank – 2.10%

• Cyprus Development Bank Public Company Ltd – 2.05%

• Alpha Bank Cyprus Ltd – 1.95%

• Ancoria Bank Ltd – 1.92%

• Societe Generale Bank Cyprus – 1.78%

• Astrobank Public Co Ltd – 1.71%

• Hellenic Bank Public Company Ltd – 1.43%

• Bank of Cyprus Public Company Ltd – 1.19%